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Intelligent Energy, the energy technology company, announces that it has achieved 10MWh milestone of fuel cell power delivered to Indian telecom sites
· The company has generated over 10MWh of clean and efficient back up power to telecom towers in India which is equivalent to powering approximately 20,000 UK homes for an hour. This significant power output is indicative of the maturity of the technology
· This follows the recent Competition Commission of India's approval of Intelligent Energy's planned purchase of contracts from GTL Limited to supply energy management services to over 27,400 telecom towers via its wholly owned Indian subsidiary, Essential Energy, with contracted revenues of £1.2 billion over ten years
· Since beginning the deployment of fuel cell units on a limited number of the sites, Essential Energy has successfully increased the up time of the telecom towers to nearly 100%, solving a significant structural issue. It has also removed 55 tons of harmful CO2 from the environment released by the diesel generators previously used to provide power
· These initial results demonstrate that the technology is robust and performing well in the field at scale
· This deal is understood to be facilitating the largest deployment of fuel cells in history. These early results give the Company further confidence of hitting the medium term target to manage power for 125,000-135,000 towers of which a majority of sites are expected to be powered by fuel cells over a number of years
· There is an extensive opportunity for growth in the Indian telecom market with the current estate representing just 6% of the total. This deal is a powerful reference point for future transactions of this ilk both in India and elsewhere
· The technology being utilised is demonstrative of Intelligent Energy's 'design once, deploy many times philosophy', with the modular distributed power and generation fuel cell product using technology that IE has developed over a number of years in its automotive division. This is the same technology the Company has licensed to Suzuki to adopt in its fuel cell powered Burgman scooter
INTELLIGENT ENERGY ENTERS INTO AGREEMENT TO DEVELOP EMBEDDED FUEL CELL TECHNOLOGY FOR SMARTPHONES
Intelligent Energy ("IE"), the energy technology group, is pleased to confirm an agreement with an emerging smartphone OEM to create a tailored development and integration programme of the Group's embedded fuel cell and fuels technologies for a specific smartphone application.
What this means to Intelligent Energy
· This underlines the first step in moving the Consumer Electronics division largely to a Joint Development Agreement ("JDA"), licensing and royalty business model, in line with the Group's strategy:
· We have established technical credibility by getting our first of kind product, Upp, directly into UK Apple Stores and its certification for use across a wide range of environments including use in aircrafts
· We have accrued important manufacturing IP and valuable, hard won, experience in our CE division which is also applicable to our other divisions
· As a result, we have purchased certain fuel and fuel cell manufacturing IP as part of the BIC transaction highlighted earlier this year
· Through Upp1's field use, we continue to accrue important data and insights into end consumer "energy-on-the-go" consumption patterns. We have nearly completed this exercise in developed markets such as the UK and are about to do the same with a number of Upp1 products deployed in India (a maximum of 30,000 Upp1s) leveraging our presence on over 27,000 cell telecom sites in that country
· This data is key to understanding market economics and commercials. These economic and commercial insights are planned to be used when moving the CE division towards a JDA, licensing and royalty model in line with the Group's business model
· This agreement builds on Intelligent Energy's existing prototype smartphone with an embedded fuel cell demonstrated to the press this summer and other embedded devices such as laptops demonstrated earlier.
· This agreement underlines the increasing traction being gained by Intelligent Energy in its engagement across the Consumer Electronics industry as potential partners explore the full potential of the technology
· This underlines our ability to work concomitantly with a wide universe of partners and customers operating in the same market segments as our preference is not to execute exclusive partnerships and agreements
· In time, this agreement may lead to a licensing agreement
· Revenue in the short-term will be attributable to the JDA alone
About Intelligent Energy
Intelligent Energy Holdings plc is an energy technology group which develops efficient and clean hydrogen fuel cell power systems for the global automotive, consumer electronics, distributed power and generation markets - from powering zero-emission vehicles to compact energy packs for mobile devices and stationary power units for the always-on infrastructure.
Working with international companies, Intelligent Energy aims to embed its technology in mass market applications to solve the challenges of continuous power and productivity, by creating everyday energy solutions to power people's lives. The Group's intellectual property and expertise is based around proprietary fuel cell technologies, which are the product of over 25 years of research and development. Its patent portfolio includes more than 900 patents granted (and over 1000 patents pending) across more than 400 patent families. The Group also maintains a significant body of confidential know-how and trade secrets.
With its principal facility and headquarters in Loughborough, UK, the company also has operations in India, Japan and Singapore, a commercial office in Silicon Valley, USA and development facilities co-located at the French Alternative Energies and Atomic Energy Commission in Grenoble and at NASA in Florida, USA. Intelligent Energy Holdings plc is listed on the London Stock Exchange and has an ADR program in the USA (LSE: IEH; ADR: INGYY).
More information on Intelligent Energy is available at WordPress, Twitter, YouTube and LinkedIn. Or visit www.intelligent-energy.com.
Intelligent Energy Holdings plc
Charnwood Building, Ashby Road, Loughborough, LE11 3GB, UK Investor Relations office: Level 10, 88 Wood street, London, EC2V 7RS, UK
Intelligent Energy commits to India with £1.2bn power provision contract during meeting with Prime Minister Modi as part of multi-billion UK-India Trade Deals
· Intelligent Energy has confirmed the major commitment to the development of clean energy for India's telecom sector during a meeting with British Prime Minister Cameron and Prime Minister Modi, hosted in London during Mr Modi's visit.
· Intelligent Energy presented a letter of commitment to Prime Minister Modi on Thursday evening, in which the company confirmed that:
"After previously agreeing to acquire the energy management business of Indian company GTL to provide efficient, clean and economical energy to 27,400 telecom towers in India…Intelligent Energy is now facilitating an initial order of over 10,000 hydrogen fuel cells, worth over £100 million. The deal will help to eventually create manufacturing jobs in India."
What this means for IE
· This contract has created an internal customer of real scale for IE allowing its fuel cells to be manufactured at volume and solving the 'at scale dilemma' that fuel cells and many other new energy technologies faced in the past, but here, without any subsidies. By solving this problem, the cost of manufacturing the technology will go down, making this a viable and cleaner alternative to diesel gen sets and internal combustion engines.
· Through the Company's 'design once deploy many times' strategy, reducing manufacturing costs will benefit IE's other two divisions (Motive and Consumer Electronics) by making Intelligent Energy's fuel cell technology ready for commercialisation as the other two divisions share substantially the same supply chains and core fuel cell technology.
· Yesterday's meeting is representative of the relationships Intelligent Energy has been creating in India since 2009 with local telecom tower operators and senior government officials, and the company looks forward to continuing to strengthen these ties.
· It is noted that at a time when the UK is increasing its diesel generator dependency for back-up power, British technology developed by Intelligent Energy is going to India to replace diesel generators which have proven to be less reliable, less efficient and heavily polluting.
· This transaction delivers contracted revenues of approximately £1.2 billion over ten years, which is a major development for Intelligent Energy and the telecom infrastructure industry. IE's technology will not only help to bring a stable, reliable power supply to these towers, but it will also demonstrate the full power of hydrogen fuel cells today.
· This transaction paves the way for IE to execute other similar deals with initial focus in India, re-stating the medium term target of 125,000 to 135,000 sites with power under contract.
· The initial order of 10,000 fuel cells is more than what is currently disclosed in the market in terms of fuel cells produced by other OEMs including car manufacturers.
"Bringing it all together"
Intelligent Energy ("IE") welcomes the latest industry announcements, but what do they mean to IE, its own recent announcements and the Motive business in general?
Earlier this month, Shell announced plans to install a network of hydrogen fuelling pumps at retail sites in Germany from 2016 in collaboration with H2 Mobility Germany and Germany's federal transport department. Intelligent Energy is a formal Associated Partner of H2 Mobility Germany and has been an active participant since 2009 helping to shape its activities[1]. Intelligent Energy is also co-founder of the UK H2Mobility programme and active member of other similar programmes across other geographies. Intelligent Energy has a long-standing commitment to help shape the hydrogen refuelling infrastructure agenda as it is important for its Motive Division.
What this means for IE
Start of hydrogen refuelling infrastructures - the announcement from Shell and Germany's H2 Mobility consortium is an important step on the route to hydrogen becoming a wide-spread alternative to the internal combustion engine, and therefore important for Intelligent Energy's application and licensing of its hydrogen fuel cells in its Motive division. Having refuelling infrastructure supporting this is an important step to full-scale adoption. Germany's H2Mobility consortium is unique in that it is a formal structure backed by industrial majors through which the deployment of hydrogen refuelling stations is being synchronised with the launch of several fuel cell electric vehicles (FCEVs) products by global OEMs.
Business insights and relationships - being so closely involved with global blue chip businesses has helped IE build long standing relationships with key people in car OEMs, oil and gas companies, industrial gas companies, technology providers and infrastructure operators thereby developing valuable cross industry insights into developments in this area which not many other companies have. This, in turn, has really given an edge to best position IE's Motive division and to work alongside some very large global companies (for instance, see page 4 of the below link with IE's old logo http://www.now-gmbh.de/fileadmin/user_upload/RE_Inhalte_Mediathek_NEU_2013/Praesentationen_Verkehr_und_Infrastruktur/Bystry_H2Mobility.pdf and more recently on the new German H2Mobility site, IE's new logo at the bottom of the page - http://h2-mobility.de).
Embedding IE technology in motive applications - in addition, IE is now serving four volume OEMs that each produce more than a 1million cars a year (three are Asian OEMs and one European so there is good exposure to the car markets where fuel cells are already being produced as products). These car OEMs represent around 25% of the largest car OEMs in the world. In addition, two weeks ago, IE signed a new $10m (£6.5m) JDA with one of their existing Asian car OEMs so momentum is certainly building in the FCEV space. IE is also leading a Euro 5m blue chip motive industry collaborative programme (including Johnson Matthey Fuel Cells, Solvay Speciality Polymers, ElringKlinger, Pretext, BMW and Daimler) focused on the commercial readiness of IE's high powered motive fuel stacks for mass manufacturing.
Wide range of possible motive customers - global OEMs may already have their own fuel cell technology. Even if that is the case, it is more likely they are high powered fuel cell engines as that is what car OEMs have historically focused on. Intelligent Energy has both low power (Air-Cooled) and high power (Evaporatively-Cooled) technology, so they can develop fuel cell technology to meet specific high and low power needs alongside any technology the OEMs may already have. That means that IE is capable of working with car OEMs who already have their own fuel cell technology because of the wide power range technologies the Company has.
Cross divisional core technology sharing enables the Company to go down cost curves faster - the recent GTL transaction in IE's Distributed Power and Generation division announced a few weeks ago is also important for the Motive division. Mainly, the technology used to power telecom tower sites, is also used in low powered compact vehicles such as fuel cell scooters and small other vehicles. Hence, volumes will now increase bringing their cost of production down. The Indian operations will create steady demand for the technology, develop supply lines, reduce costs rapidly and this can be passed onto the other divisions through IE's "design once, deploy many times" approach.
€5m funding for industrial working group led by Intelligent Energy to develop its proprietary 90kW Evaporatively Cooled (EC) fuel cell stack for mass manufacture
Intelligent Energy ('IE') announced today it will lead a pan-European, three year industrial working group known as VolumetriQ consisting of BMW, Daimler and industrial manufacturers Johnson Matthey Fuel Cells, Solvay, ElringKlinger and Pretexo (please see attached)
· This programme is supported by €5 million of funding from the FCH JU. Broadly, the FCH JU is a unique €1.3bn public private partnership focused on the technological development and pre-industrial preparation of fuel cells and hydrogen energy technologies in Europe.
· The industrial grouping and funding is focused on the mass manufacturing readiness of Intelligent Energy's 90kW Evaporatively-Cooled (EC) PEM fuel cell stack, itself a core component of IE's high power "fuel cell engines".
· The programme outputs must meet key criteria, including power density, and achieve standard automotive drive cycle times as well as be suitable for mass manufacturing. This must all be supported by a resilient and quality supply chain.
· The results of this programme will bring a significant opportunity to IE's automotive OEM partners to deliver Intelligent Energy's proprietary 90kW automotive fuel cell architecture in the next generation of Fuel Cell Electric Vehicles (FCEVs).
· By working with credible industry partners to commericialise IE's high power technology, the announcement is typical of the partnerships IE seeks as part of its corporate strategy.
· With recent events in the automotive world focusing both regulatory and public attention, not just on diesel engines, but on the internal combustion engine more broadly, such partnerships underline that Intelligent Energy has, and continuously refreshes, the technology portfolio and manufacturing IP and knowledge required to offer a real alternative to automotive OEMs in an economically efficient and rapid way.
· The announcement of this €5m funding for an industrial grouping follows the very recent announcements by Intelligent Energy of:
o On 1st October 2015: a £1.2 billion deal in India to replace small diesel generators, demonstrating how IE's fuel cell technology is being pulled to market with a volume customer base.
o On 30th September 2015, the £6.5m extension of a joint development programme with one of its existing Asian automotive OEM customers to continue the drive towards commercialisation of Intelligent Energy's fuel cell technology in the customer's product range.
· IE currently serves nearly 25% of the largest global car OEMs (who each make more than 1,000,000 cars a year) allowing those OEMs to leverage IE's technology and intellectual property portfolio.
If you have any questions or would like more information please contact Investor Relations at: ir@intelligent-energy.com
Trading Update from the Company
Continued strong growth, some important operational developments made
Intelligent Energy ('IE'), the energy technology group, provides the following trading update for the year ended 30 September 2015.
Group financial summary
Revenue
We have seen the strong revenue growth of the business continue through the second half of the year. Consolidated revenue across the Distributed Power and Generation, Motive and Consumer Electronics divisions for the second half of the financial year 2014/15 is expected to exceed £50m.
This compares very positively with the first half of this year, where revenue was £27.4m, and last year where revenues were £10.1m in the second half of the year and £3.5m in the first half of the year.
Adjusted EBITDA
Adjusted EBITDA losses in H2 2014/15 are expected to be less than in H1 2014/15, and in line with the Board's expectations.
Net Cash
The consolidated net cash balance at 30 September 2015 is £24.5m. Following a management review of operations, there was a material reduction in the underlying cash-burn in H2 2014/15.
Operational summary
Distributed Power and Generation ('DP&G') division
DP&G is the source of the consolidated revenue growth, through the interim contract agreement for power management services with GTL in India, whose scope increased from April 2015. This agreement is now expected to transition to broader scope long term power supply contracts in 2015/16, following the expected closing of the announced transaction made today by RNS.
Motive division
Over the past few months, we have been encouraged by the sector backdrop that is becoming increasingly favourable to the application of fuel cell technology at scale. This broadening demand is reflected by the extension yesterday of our development programme with one of our existing Asian OEMs, which is worth £6.5m, over two and a half years. Motive is expected to show a revenue decline from the prior year's level of £8.6m due to the phasing of some JDA activity from H2 2014/15 to H1 2015/16.
Consumer Electronics
Industrial partnering discussions continue to progress favourably. In addition, and as reported in the press during late August, IE demonstrated its fuel cell technologies embedded in cell phone and tablet hardware. This was achieved without reducing any of the existing functionality or battery capacity of the devices. IE also demonstrated consumer electronics derived technologies into another adjacent and fast growth market to a potential industrial partner. Finally, the integration of the strategic assets acquired from Société BIC earlier in the year is progressing well and will be completed during the second half of the financial year 2015/16.
Funding
IE intends to raise additional funds through a two tier process. Both transactions are consistent with IE's objective of protecting existing shareholders. Firstly, this involves a proposed issue of a convertible instrument to industrial partners; the terms of the convertible instrument include a strike price that is at a premium to the current share price. Secondly, the Company realises there is significant value in aspects of its DP&G Indian operations and has therefore appointed Jefferies, the investment bank, to assist the Company in realising some of this value to finance its current and future growth plans and notes that it has been in discussions with potential investors since the early summer.
Note: Numbers relating to the financial year ended 30 September 2015 are unaudited. Prior period numbers are audited.
LANDMARK TRANSACTION WORTH £1.2BN OF REVENUES OVER TEN YEARS
Further to the announcement on 24 February 2015, Intelligent Energy ("IE"), the energy technology group, is delighted to announce that it signed, post UK market close on Wednesday 30th September, an agreement to acquire GTL Limited's ("GTL") energy management business to provide efficient and economical energy to over 27,400 telecom towers in India ("Energy Management Business")
What this means to Intelligent Energy
STRATEGY
· This landmark deal immediately provides a managed customer base of significant scale to which IE can begin to economically deploy its market leading fuel cell technology
· Essential Energy, a subsidiary of Intelligent Energy in India, will assume the power management for over 27,400 mobile telecom towers which represents approximately 6% of Indian telecom infrastructure
· In the UK context, this would represent over 50% of the total UK telecom tower sites, or in the US context, over 10%. Yet, in the Indian context, this represents only 6% of the overall market so there is room to grow
· This is another step in in achieving DP&G's current medium term target of 125,000 - 135,000 towers under management
· IE intends to engage a third party manufacturer located in India to assemble the fuel cell systems and to derive its revenue from IP licensing and support
FINANCIALS
· This transaction provides high quality, long-term, recurring cash flows
· IE initially expects to earn £120m revenue per annum or an estimated EBITDA and cash margin pre-financing of c.15%
· There is significant growth potential for EBITDA margins of 30% - 35% in due course, as the technology is introduced over the lifetime of the contract
OPERATIONS
· The deployment of fuel cells is expected to be economic where generators run off-grid for more than 8 hours a day
· This is currently the case for around 70% of sites and initial deployment is now anticipated to increase pace with wide scale roll-out occurring over the next 3 -5 years.
· Fuel cell stacks will be manufactured in Japan at SMILE's ready to scale production line in Yokohama, Japan. SMILE is a 50:50 owned joint venture between Suzuki and Intelligent Energy
This is just the start of what IE hopes will be more, similar transactions and are committed to investing in India for the long term to help support the current infrastructure and growing demand for mobile phones.
Intelligent Energy Holdings plc RNS Announcement
INTELLIGENT ENERGY EXTENDS ITS DEVELOPMENT PROGRAMME WITH EXISTING ASIAN AUTOMOTIVE CUSTOMER
Intelligent Energy ("IE"), the energy technology group, is pleased to confirm it has signed a new contract for a joint development programme with one of its existing Asian automotive OEM customers. The new contract is worth c£6.5 million (c$10m), and is expected to last for approximately two and a half years.
What this means to Intelligent Energy
· This transaction underlines the continued execution of the Motive divisional business plan and the client's confidence in IE's fuel cell technology and expertise.
· This new contract forms an integral part of the path towards the commercialisation of IE's fuel cell technology.
· IE is the only independent provider of fuel cell (FC) licensing technology to car OEMs so is well placed to support car manufacturers in their transition from internal combustion engines to fuel cells at a time when regulatory pressure and costs to clean diesel and petrol/gasoline engines are rising.
· IE already works with nearly 25% of the 17 OEMs who each manufacture more than 1 million cars a year. In the past year, IE signed two new Asian OEMs showing that momentum is building in this space.
· Recent news show how it is increasingly difficult to meet legislative emission rules with current internal combustion engines thus propelling OEMs towards more electric drives and fuel cell electric drivetrains. IE, in partnership with OEMs, provides an engine tailored to the customers' needs with an average saving of $1bn in R&D costs and often more than a decade of development time.
About Intelligent Energy
Intelligent Energy Holdings plc is an energy technology group which develops efficient and clean hydrogen fuel cell power systems for the global automotive, consumer electronics, distributed power and generation markets - from powering zero-emission vehicles to compact energy packs for mobile devices and stationary power units for the always-on infrastructure.
Working with international companies, Intelligent Energy aims to embed its technology in mass market applications to solve the challenges of continuous power and productivity, by creating everyday energy solutions to power people's lives. The Group's intellectual property and expertise is based around proprietary fuel cell technologies, which are the product of over 25 years of research and development. Its patent portfolio includes more than 900 patents granted (and over 1000 patents pending) across more than 400 patent families. The Group also maintains a significant body of confidential know-how and trade secrets.
With its principal facility and headquarters in Loughborough, UK, the company also has operations in India, Japan and Singapore, a commercial office in Silicon Valley, USA and development facilities co-located at the French Alternative Energies and Atomic Energy Commission in Grenoble and at NASA in Florida, USA. Intelligent Energy Holdings plc is listed on the London Stock Exchange and has an ADR program in the USA (LSE: IEH; ADR: INGYY).
More information on Intelligent Energy is available at WordPress, Twitter, YouTube and LinkedIn. Or visit www.intelligent-energy.com.
Intelligent Energy Holdings plc Note from Bloomberg
IN THE WAKE of the VW EMISSIONS scandal, the market is starting to summise that the potential benefactors of this shift in consumer patterns could accelerate the adoption of ELECTRIC CARS and petrol hybrid cars.
A NEAT way to play this potential upswing in demand for the former is via LOUGHBOROUGH based, leading HYDROGEN FUEL CELL INNOVATOR & MANUFACTURER INTELLIGENT ENERGY.
WE HAD A GOOD CATCH UP RECENTLY WITH THE COMPANY, as they were in LONDON attending a number of broker conferences ===> HERE THE CEO HENRI WINAND presented some interesting arguments as to how all this BENEFITS IEH:
# IEH is a natural hedge to Tesla (the BEV vs FCEV argument - who wins, etc). IEH is now also a natural hedge to the car OEMs (what is the technology to clean vehicles that a few of the biggest tech savvy mass market OEMs have already bet on (OEMs which called the electrification of cars correctly over the last 20 years): FUEL CELLS !!!
==> Who has the right licensing business model, who has class leading fuel cell tech, who already serves the mass market OEMs today…. IEH!!!
# ON VW =====> About 100 years ago, diesels came about because they are more efficient than gasoline/petrol engines. But diesel have a more visible pollution called particulate emissions which you can see and taste in cities. So, it is really the internal combustion engine (diesel because you can see and taste it, and gasoline/petrol because it emits more CO2 as it is less efficient than diesel) that is in question here, not just the diesel engine.
===> The fact is that making internal combustion engines cleaner is expensive, and it has just become a lot more expensive and much sooner than most thought.
IEH HAS THE OF THE SHELF SOLUTION
# IEH has the right business model to help OEMs by accessing IE's best in class low emission tech (nearly 1,000 patents granted, nearly 1,000 patents pending, class leading fuel cell tech) at the right cost to help them transition credibly to zero tailpipe mobility: it is a lot cheaper to have a technology option by licensing from IEH than pay the total circa $2bn total cost and 15-20 years to do it yourself.
PRODUCT SOLUTIONS EXIT NOW AT IEH !
# Their ZERE (Zero Emission Range Extended fuel cell electric vehicles) were announced two weeks ago. These are a reference design to help replace diesel engines in cities where there is no other option: fleet delivery vans. They all use diesel engines. What are logistics companies going to do when diesels are banned or very expensive to run in cities?
====> IEH !!! as they help OEMs to use their electric platforms by range extending them with fuel cells. They can sell more electric vans and we enable the vans so the maths work for the logistics companies with a rapid refuelling, zero emission range fuel cell range extender.
TO CONCLUDE:
In both instances, we are here to help OEMs to achieve their really tight emission objectives faster and more cost effectively……and we are already doing this as we serve nearly 25% of the largest global OEMs (those who make more than 1,000,000 cars each per year).
In summary, the transition to "more electric" drive trains has suddenly been made a lot faster with real sharp financial and measurable $ value. A shock similar to banks in 2008 to accelerate change.
CERTAINLY A NEAT UNDERVALUED WAY TO PLAY THE ELECTRIC CAR SPACE ! COOL UK TECH !
About Intelligent Energy
Intelligent Energy Holdings plc is an energy technology group which develops efficient and clean hydrogen fuel cell power systems for the global automotive, consumer electronics, distributed power and generation markets - from powering zero-emission vehicles to compact energy packs for mobile devices and stationary power units for the always-on infrastructure.
Working with international companies, Intelligent Energy aims to embed its technology in mass market applications to solve the challenges of continuous power and productivity, by creating everyday energy solutions to power people's lives. The Group's intellectual property and expertise is based around proprietary fuel cell technologies, which are the product of over 25 years of research and development. Its patent portfolio includes more than 900 patents granted (and over 1000 patents pending) across more than 400 patent families. The Group also maintains a significant body of confidential know-how and trade secrets.
With its principal facility and headquarters in Loughborough, UK, the company also has operations in India, Japan and Singapore, a commercial office in Silicon Valley, USA and development facilities co-located at the French Alternative Energies and Atomic Energy Commission in Grenoble and at NASA in Florida, USA. Intelligent Energy Holdings plc is listed on the London Stock Exchange and has an ADR program in the USA (LSE: IEH; ADR: INGYY).
More information on Intelligent Energy is available at WordPress, Twitter, YouTube and LinkedIn. Or visit www.intelligent-energy.com.
Intelligent Energy Holdings plc
Charnwood Building, Ashby Road, Loughborough, LE11 3GB, UK Investor Relations office: Level 10, 88 Wood street, London, EC2V 7RS, UK
A large coalition of European partners has launched Hydrogen Mobility Europe project (H2ME) to support the introduction of hydrogen-fuelled transport
Intelligent Energy (IE), the energy technology company, welcomes the announcement from the Hydrogen Mobility Europe project (H2ME), launching the deployment of fuel cell electric vehicles and hydrogen refuelling stations across Europe.
A large coalition of European partners has launched H2ME which is co-funded with €32 million from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU). The project will support the deployment of 200 Fuel Cell Electric Vehicles (FCEVs) and 125 fuel cell range-extended electric (FC RE-EVs) commercial vans across Europe. This is closely aligned to IE's own ZERE strategy announced two weeks ago. H2ME will also deploy 29 new Hydrogen Refuelling Stations (HRS) in 10 countries (Austria, Belgium, Denmark, France, Germany, Iceland, Netherlands, Norway, Sweden and the UK). Taken together with existing plans for the roll-out of over 50 stations in Europe over the same period, this will create the world's largest network of hydrogen stations and provide FCEV drivers with the beginnings of a network enabling Europe wide driving.
The consortium, led by Element Energy, includes global leaders in the hydrogen and fuel cell sector, from fuel cells and car manufacturers (Daimler, SymbioFCell, Hyundai, Honda, Intelligent Energy, Nissan) and infrastructure providers (Air Liquide, BOC, H2Logic, ITM Power, Linde, McPhy, OMV, AREVA, EIFER, H2 MOBILITY Deutschland, HYOP, Icelandic New Energy, Communauté d'Agglomération Sarreguemines Confluences) to data monitoring and dissemination organisations (Cenex, WaterstofNet).
What it means to Intelligent Energy
Intelligent Energy is currently working with nearly 25% of the global OEMs which produce over 1million cars a year allowing those OEMs to leverage IE's IP technology and IP portfolio to help them transition from internal combustion engines to fuel cell electric drivetrains.
H2ME's announcement is closely aligned to IE's ZERE (Zero Emission Range Extended fuel cell electric vehicles) strategy. Two weeks ago IE launched ZERE to help replace diesel engines in cities, for example for fleet delivery vans which all use diesel engines.
IE is leading a UK industry consortium with partners such as Frost EV, Frost Electronics, Millbrook, CENEX, British Gas and DHL to develop a new class of zero-emission, light commercial vehicle (LCV) by integrating fuel cell technology into battery electric vehicles (BEVs). £6.3m was granted from the Advanced Propulsion Centre (APC) as part of a £12.7m three - year project for this consortium.
IE is also associated with H2Mobility where in Germany, 400 hydrogen refuelling stations are planned with the first 50 already being built. In the UK, an initial network of up to 15 hydrogen refuelling stations by the end of 2015 are to be established according to UKH2Mobility.
If you have any questions or would like more information please contact Investor Relations at: ir@intelligent-energy.com
About Intelligent Energy
Intelligent Energy Holdings plc is an energy technology group which develops efficient and clean hydrogen fuel cell power systems for the global automotive, consumer electronics, distributed power and generation markets - from powering zero-emission vehicles to compact energy packs for mobile devices and stationary power units for the always-on infrastructure.
Working with international companies, Intelligent Energy aims to embed its technology in mass market applications to solve the challenges of continuous power and productivity, by creating everyday energy solutions to power people's lives. The Group's intellectual property and expertise is based around proprietary fuel cell technologies, which are the product of over 25 years of research and development. Its patent portfolio includes more than 900 patents granted (and over 1000 patents pending) across more than 400 patent families. The Group also maintains a significant body of confidential know-how and trade secrets.
With its principal facility and headquarters in Loughborough, UK, the company also has operations in India, Japan and Singapore, a commercial office in Silicon Valley, USA and development facilities co-located at the French Alternative Energies and Atomic Energy Commission in Grenoble and at NASA in Florida, USA. Intelligent Energy Holdings plc is listed on the London Stock Exchange and has an ADR program in the USA (LSE: IEH; ADR: INGYY).
More information on Intelligent Energy is available at WordPress, Twitter, YouTube and LinkedIn. Or visit www.intelligent-energy.com.
Intelligent Energy Holdings plc
Charnwood Building, Ashby Road, Loughborough, LE11 3GB, UK Investor Relations office: Level 10, 88 Wood street, London, EC2V 7RS, UK
Possible Big News for this Little British Company
http://seekingalpha.com/article/3464786-has-apple-found-the-holy-grail-of-electric-vehicles?page=2
Has Apple Found The Holy Grail Of Electric Vehicles?
Aug. 25, 2015 11:17 AM ET | 286 comments | About: Apple Inc. (AAPL), Includes: TSLA
Disclosure: I am/we are long AAPL. (More...)
Summary
Apple's much rumored electric vehicle may use fuel cell technology from U.K. startup Intelligent Energy.
Intelligent Energy's technology doesn't require high pressure hydrogen storage and can be refueled by swapping out self-contained modules.
Apple may already have exclusive rights to the technology, and use this as leverage to partner with an auto manufacturer such as BMW.
By now, the weight of the evidence that Apple (NASDAQ:AAPL) is working on a car has become overwhelming, but an announcement out of the UK of a hydrogen fuel cell powered iPhone may shed the most light yet on Apple's automobile project. The technology used to build the fuel cell powered iPhone could be used to build a fuel cell powered car, but not just any hydrogen powered car. The fuel cells powering the iPhone could amount to the Holy Grail of EV technology, able to provide long range combined with convenient and safe refueling almost anywhere.
Really Intelligent Energy
The report of the fuel cell powered iPhone 6 contained important clues about the technology. The fuel cell was built by Intelligent Energy (IE), a British startup with reported close ties to Apple. The ultra compact hydrogen fuel cell they built fit into the space allotted for the battery of the current iPhone and could power the phone for a full week.
The report also indicated that the hydrogen was stored at low pressure in some form of powdered medium. The fuel cell could be refilled through an gas inlet port converted from the headphone jack.
Intelligent Energy's iPhone fuel cell demonstrates impressive energy density, able to store about 4 KWh/liter. If the technology scales approximately as the current device, which is likely, then a gallon sized container would hold about 15 KWh. Just 6 of these gallon containers would store as much energy as the Tesla (NASDAQ:TSLA) Model S 85 KWh battery pack.
Although Intelligent Energy made the iPhone fuel cell refillable, it considers the best option for the future to be sealed cells that would be user replaceable. IE already markets a USB recharging system based on similar technology, called Upp, in the U.K. The Upp system uses metal hydride powder as the hydrogen storage medium.
I mentioned the gallon size battery pack because that's a reasonable size for something that could be swapped into an EV by a user. Each cell is a self-contained battery pack, so there's no messing with filling the vehicle with high pressure hydrogen gas. Because the cells are completely sealed low pressure devices, they could probably be sold anywhere. The Upp system and fuel cell cartridges are sold at Apple stores in the U.K.
Also very impressive is the weight of the cells relative to the Tesla battery pack. The 85 KWh Model S battery pack is estimated to weigh about 1200 lbs. For a similar 85KWh of storage (6 gallon modules using the iPhone cell technology), the weight would be about 1/10th of that.
Disrupting the Automobile Fueling Paradigm
The concept of lightweight, sealed fuel cells that are user replaceable completely disrupts the current paradigm of vehicle refueling. The IE fuel cell technology eliminates the need for special stations that provide fossil fuel, or even hydrogen or high speed battery charging. The cells could be made available through any retailer willing to participate in a cell exchange program with the maker of the cells.
Not only does this solve the problem of infrastructure availability, but it provides owners with a convenient way to eliminate range anxiety. Planning a long trip? Throw a few extra cells in the trunk.
The IE technology also appears to be safer than the fossil fuel alternatives and high pressure hydrogen fuel cell vehicles. Probably, the safety of the IE fuel cells is on the order of Tesla's demonstrated and enviable safety record.
Closer Than We Thought
When rumors first appeared about the Apple car, I wrote in Apple's Electric Vehicle Opportunity that an Apple car was about 5 years away. Lately, there have been indications that this timeline might be shorter. Reports of Apple's discussions with BMW (OTCPK:BAMXY) and Daimler (OTCPK:DDAIY) suggest that Apple's route to an EV will be very different, and potentially much faster than Tesla's.
It's been clear that Apple would not try to build it's own manufacturing capability from scratch, as Tesla has done. Apple would need a manufacturing partner for an EV just as it does now for its other products. Even with a manufacturing partner, development of an all new vehicle from scratch, all the design and engineering, would have been a daunting task for a company inexperienced with building automobiles. Assuming that this could be done in 5 years was probably generous.
Instead, Apple appears to be searching for a preexisting platform on which to base an EV. The lifts a lot of the design and engineering burden from Apple's shoulders. It also means that much of the production capacity would already be in place at the manufacturer's facility.
Apple needs an automobile manufacturer as a partner for another very important reason: distribution. Apple really can't sell the Apple car through its stores. As the Tesla experience has shown, people expect to be able to take their cars to the dealership for servicing. Apple stores couldn't provide that.
So Apple needs a manufacturing partner with a dealership network that can stock a reasonable selection of vehicles for customers and provide service for the customers. Apple wouldn't try to do that from scratch. Selling an Apple branded car through the partner manufacturer's dealership network is a much better option.
Wanting to partner with the likes of BMW or Daimler only makes sense. These are well known premium brands that also maintain substantial global networks of dealerships, especially in the U.S. So far, discussions appear not to have come to fruition.
I expect that they will eventually, if Apple really has gotten exclusive rights to IE's fuel cell technology. IE's technology promises to be the Holy Grail of EV: an electric vehicle technology that provides long range, easy refueling, and which doesn't require an enormous investment in refueling infrastructure.
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