Completion of acquisition

7 April 2015

Intelligent Energy Holdings plc

Completion of acquisition

Intelligent Energy ("IE"), the energy technology company, is pleased to announce it has completed the acquisition of the portable fuel cell and disposable fuel cartridge assets of Société Bic (S.A.) ('BIC').

Summary of strategic rationale

IE's corporate strategy for its Consumer Electronics division is focused on embedding its technology in portable consumer electronic devices on a sale of IP based business model. This acquisition is a significant step forward in accelerating our journey to delivering this goal.

The acquisition brings with it a number of important benefits. In particular, it provides a wide range of valuable incremental IP and capability relating to the volume production of planar 2D fuel cells and disposable fuel cell cartridges that can be deployed in line with IE's contract manufacturing model.

This will allow IE to reduce the time and cost of developing and deploying production ready embedded fuel cells and fuel cell cartridges and it also strengthens IE's relationships with its current Consumer Electronics partners.

Financial consideration

The financial consideration is 13 million USD on completion and 2 million USD to be paid once transition services are completed. The agreement includes a potential earn out up to 7 million USD.

Intelligent Energy's CEO, Dr Henri Winand, commented:

"We are delighted to have completed this strategically important acquisition. This is an important step forward toward embedding our world class hydrogen fuel cell technology in portable consumer electronic devices."

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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 400 patents granted (and over 600 patents pending) across more than 300 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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