Singapore's sovereign wealth fund GIC backs Intelligent Energy Holdings with $63M
GIC has invested $63 million in Intelligent Energy Holdings, a statement about the funding said.
The investment of Singapore's sovereign wealth fund managing the city-state's foreign reserves is done through 15,129,468 Ordinary Shares which represents 10% of the firm's "enlarged issued ordinary share capital." The shares were placed to GIC at a subscription of £2.50 for every share, the statement said.
Based in the UK, Intelligent Energy develops clean energy technology for companies in the consumer electronics, automotive and stationary power markets space. Because of the investment from GIC, the company will have the chance to hasten progress in divisions that it has just introduced so that it will be able to attain positive cashflow earlier and improved flexibility so it can implement the business strategy even as it finds ways to realize shareholder value, the statement said.
Intelligent Energy Chairman Paul Heiden said in the statement, "GIC's long-term investment perspective and global presence, with particular domain knowledge of the Asian market in which the Company's Distributed Power & Generation (DP&G) division has launched, means that the Board was pleased to recommend to shareholders this investment from a new cornerstone investor."
Intelligent Energy Chief Executive Officer Dr. Henri Winand said in the statement that the additional funds will increase the company's "strategic and financing options."
GIC is one of the biggest investment management organizations worldwide. With a 20-year investment span, it plans to attain good returns in the long-term that is more than the rate of global inflation. It has invested more than $100 billion in equities, fixed income, real estate, private equity and other assets in over 40 countries, the statement said.
GIC Asset Management Pte Ltd European Equities Head Jason Triplitt said in the statement, "GIC sees long-term value in Intelligent Energy's technology being deployed across a range of markets and applications with high quality partners. We look to benefit from the fruition of years of business and technology development that has led to Intelligent Energy's ability to develop fuel cells ready for mass-market deployment."