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30 Sep 2015 07:00
30 September 2015
(LSE: IEH; ADR: INGYY)
Intelligent Energy Holdings plc
INTELLIGENT ENERGY EXTENDS ITS DEVELOPMENT PROGRAMME WITH EXISTING ASIAN AUTOMOTIVE CUSTOMER
Intelligent Energy ("IE"), the energy technology group, is pleased to confirm it has extended its 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.
The new joint development programme marks another step in IE's long-standing links with the Asian automotive market where fuel cell electric vehicle commercialisation has started with the arrival of consumer products on the market. It will see further alignment of Intelligent Energy's differentiated fuel cell engine technology to the customer's product roadmaps. IE currently works with 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.
Henri Winand, CEO of Intelligent Energy, said:
"We are very pleased to strengthen our existing commercial relationships with our Asian automotive OEMs. This allows a continued drive towards commercialisation of our fuel cell technology in our customer's product range. It is also a vote of confidence in our technology as the roll out of fuel cell electric vehicles increases pace as fuel cell electric vehicles hit the market now. Asia continues to take the lead globally in the adoption of fuel cell engine technology for automotive use and we are excited to be an integral part of this global adoption through our relationships with a number of Asian OEMs."
Enquiries:
Intelligent Energy Holdings plc Henri Winand, Chief Executive Officer John Maguire, Chief Financial Officer Sarah Wojcik, Head of Investor Relations | +44 (0)1509 271271 | |
Tulchan Communications James Macey White Victoria Huxster Matt Low
| +44 (0)207 353 4200
| |
Notes to Editors
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.
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