27th Feb 2015 09:11
LONDON (Alliance News) - Intelligent Energy Holdings PLC Friday reiterated confidence in meeting its expectations for its current financial year, as it said it had achieved an eightfold rise in revenues for the first quarter of 2015 compared to 2014.
The energy technology company said it is expecting to see strong sequential revenue growth over the rest of the year.
It announced separately that it has acquired the portable fuel cell and disposable fuel cartridge assets of Société Bic SA for an initial cash consideration of USD13 million, and a further USD2 million in an escrow account to be paid once transition services are complete. It also will pay up to USD7 million in cash under an earn-out agreement.
The company said the acquisition enhances its current portfolio of intellectual property, and also reduces the time and cost of developing production-ready embedded fuel cells and fuel cell cartridges.
Intelligent Energy called the acquisition a "step-change" in what has been its medium-term objective of embedding its technology in consumer devices, but will now be a commercial focus going forward.
This follows on from the launch of its Upp fuel cell charging device in Apple Inc retail stores in the UK last November, Intelligent Energy said.
At the time of its full-year results in December, the company said it was confident its operational developments and investments will results in strong year-on-year revenue growth and narrowing losses in the year ahead.
"With the context of broader industry adoption of hydrogen fuel cell technology globally, we remain confident in the outlook for Intelligent Energy," said Chief Executive Officer Henri Winand in a statement Friday.
Shares in Intelligent Energy Holding are trading up 8.4% at 138.80 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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