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Electronics Production | April 23, 2007

Intelligent Energy raises over $17 million

UK based fuel cell developer Intelligent Energy has raised over 17 million US$ in a recently-completed round of fundraising.
The fundraising was comprised of a number of private placements, followed by an open offer to all existing shareholders. Subscribers for new ordinary shares included Credit Suisse Securities (Europe) Limited, Black River Commodity Clean Energy Investment Fund LLC, Black River Global Equity Fund Limited, Meditor Capital Management Limited and Evolution Placements Corporation.

Intelligent Energy's Chairman, John Rennocks, commented on the fundraising: “I am delighted to be able to announce a successful financing round, characterised by strong support from our existing shareholders and the introduction of a new major investor with expertise in Clean Energy technologies. Overall, this funding round represents a welcome endorsement of our business strategy and technology leadership."
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