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Energy technology group Intelligent Energy has announced plans to float on the London Stock Exchange.
The company hopes to raise a minimum of £40m at 340p per share by July 3 2014.
The company said it had already indications of demand from institutional investors and that GIC, Singapore’s sovereign wealth fund and one of the company’s shareholders, has exercised its right to take £16.6m of shares.
Intelligent Energy has developed advanced, power dense hydrogen fuel cell technologies, providing efficient and clean power generation.
Chief executive Dr Henri Winand said: “The listing is a significant strategic step for Intelligent Energy and will provide us with the funds to exploit fully the exciting commercial opportunities available to the Company in our three divisions of Motive, Consumer electronics and Distributed Power & Generation, which are the current focus of the business. All three are subject to significant structural trends and they have the potential to generate sizeable product and service opportunities for Intelligent Energy.”
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