Giant Singapore state fund GIC invests $63m in UK clean tech firm

Giant investor sees long-term value in Intelligent Energy’s technology

The Singapore government’s more than $100bn (€72.5bn) state fund GIC has invested around $63m in privately-held UK-based clean energy firm Intelligent Energy, the company behind the new Upp hydrogen fuel cell mobile charging device.
The investment by GIC Private Ltd., formerly known as the Government of Singapore Investment Corporation, was via a new issue of 15.1m new shares – representing 10% of Intelligent Energy’s enlarged share capital. The deal was arragned by broking and pre-IPO advisory firm Parva Capital.

Last year GIC implemented a new investment framework to give it more flexibility to focus on “investments that may be riskier in the short term but would generate returns in the long-term.”
Jason Triplitt, GIC’s Head of European Equities said*-million#.Uy_rpl40_Dk: “GIC sees long-term value in Intelligent Energy’s technology being deployed across a range of markets and applications with high quality partners.”
GIC’s International Advisory Board includes such figures as David Denison, the former President and CEO at the Canada Pension Plan Investment Board (CPPIB) andKnut Kjaer, the inaugural CEO at Norges Bank Investment Management and former president of RiskMetrics.
Intelligent Energy grew out of research at Loughborough University in central England, where it is still based. It was recently named by the London Stock Exchange as among 1,000 companies to “inspire Britain”.

It specialises in modular, low carbon fuel cell systems for blue chip partners such as Japan-based auto firm Suzuki Motor Corp.
It is chaired by Paul Heiden, the former Group Finance Director at aero engine maker Rolls-Royce Plc and CEO at FKI, the engineering firm. Heiden is also a director at the London Stock Exchange and engineer Meggitt plc.

The firm’s CEO is Henri Winand, the former Vice President of Corporate Venturing at Rolls-Royce. Non-executive directors include Martin Bloom, chairman of New York-listed solar technology firm Renesola.

In October last year Intelligent Energy completed a $51m capital raise, although investors weren’t named. It was founded in 2001; in 2011/12 its revenue grew 269% from £11.9m to £43.9m.