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29 Apr 2015 07:48
29 April 2015
Intelligent Energy Holdings plc
Business Update
Intelligent Energy ("IE" or the "Company"), is pleased to provide a brief business update ahead of its interim results for the six months ended 31 March 2015, which are expected to be announced on Tuesday 19 May 2015.
Distributed Power & Generation ("DP&G")
• | Now providing services to over 26,000 telecom tower sites in India. |
• | As from April 2015, monthly revenues are now c. £10 million* following the increase in number of sites under contract. |
• | Monthly run rate at the start of the financial year was c. £4 million* per month (c. £50 million* on an annualised basis). |
• | The significant majority of the sites are subject to an interim sub-contract with GTL Limited ("GTL"), where IE has no responsibility for capital expenditure. The initial low margins reflect the interim sub-contracting arrangements in place but are expected to move towards the Company's projections over time. |
• | Discussions with GTL to acquire long term power management agreements are progressing well. Upon acquisition, the interim sub-contract arrangements would fall away and be replaced by the long term contract. |
Motive
• | The Company has entered into a new Joint Development Agreement (JDA) with a further, significant Asian vehicle manufacturer. |
• | This means the Company now has one additional mainstream automotive OEM customer which brings the total to 4. |
Consumer Electronics
• | Integration of the fuel cell assets acquired from BIC is proceeding in line with the Company's expectations as part of its updated strategy. |
At the Group level, IE expects to meet its expectations for the year ending 30 September 2015.
In the context of a transaction with GTL in the DP&G business (and growth opportunities available to the Group), the Board is reviewing options relating to the future funding structure and mix for the Company, from the perspective of protecting existing equity holders.
*- Where relevant, Sterling values for the DP&G update have been calculated using the GBP/INR exchange rate in force at the time the revenue was recorded/calculated.
Enquiries:
Intelligent Energy Holdings plc Sarah Wojcik
| +44 (0)1509 271271 |
Tulchan Communications James Macey White Victoria Huxster Matt Low
| +44 (0)207 353 4200
intelligentenergy@tulchangroup.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 collocated with NASA operations in Florida, USA. Intelligent Energy Holdings plc is listed on the London Stock Exchange (LSE: IEH).
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