8th Feb 2016 09:29
LONDON (Alliance News) - Intelligent Energy Holdings PLC Monday said it has struck a formal deal with an unnamed company to work together on a programme aimed at addressing power limitations to smartphones, building on talks held late last year.
The unnamed "emerging smartphone OEM [original equipment manufacturer]" signed a letter of intent with Intelligent Energy back in November, and the pair have now signed a joint development agreement.
The pair will work together under a tailored development and integration programme to address power limitations to those devices, and Intelligent Energy said the total contract value of the agreement is around GBP5.3 million.
"The joint development agreement is expected to be cash flow positive with 10% payable following signature followed by a number of time based instalments over the next 24 months," said the company.
"The agreement is in line with Intelligent Energy's on-going consumer electronics strategy where the development costs are shared with partners and marks another important step in licensing the company's technology in the smartphone market," the company added.
Intelligent Energy is hoping the agreement will utilise its embedded fuel cell technology, building on the company's existing prototype smartphone with an embedded fuel cell. Intelligent Energy's prototype smartphone has a fuel cell embedded into the actual phone, allowing hydrogen to be used to power it, providing users with an "off-grid" power solution.
Intelligent Energy shares were trading down 2.4% to 30.00 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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