News

Intelligent Energy acquires Fuel Cell Assets from BIC for $13 Million

February 26, 2015 by Jeff Shepard

Intelligent Energy Holdings plc ("IE") announced today the acquisition of the portable fuel cell and disposable fuel cartridge assets of Société Bic (S.A.) ('BIC'). IE is acquiring the totality of BIC's fuel cell and disposable cartridge technology for a cash consideration of $13m at closing and $2m in an escrow account at closing to be paid once the transition services are complete. There is also up to $7m cash consideration under an earn out arrangement.

This acquisition: materially enhances IE's current extensive portfolio of IP relating to fuel cells and disposable fuel cartridges; provides IE with incremental, synergistic and valuable, high volume manufacturing and production IP, together with pilot production line technologies relating to both disposable fuel cartridges and planar fuel cells that can be used alongside IE's best in class fuel cell technology; reduces both the time and the cost of developing production ready, embedded fuel cells and fuel cell cartridges; provides additional, important knowledge and understanding of consumer markets; and strengthens the move to a business model based on the licensing of IE's fuel cell and fuel cartridge to industrial partners.

Intelligent Energy's CEO, Dr Henri Winand commented: "This is an exciting and very important step forward for IE, as we work towards embedding our world class hydrogen fuel cell technology in portable consumer electronic devices. We have been in dialogue with BIC for a number of years about working together, and this transaction is very exciting for both of us.

“This acquisition brings an extensive portfolio of IP and know-how which complements our own development program, and helps us further leverage the significant IP package jointly acquired with our international consumer electronics partner in 2013. It also brings proven manufacturing technology which is a critical element to the development of the market for embedded fuel cells,” Winand concluded.

IE welcomes BIC's support in facilitating a seamless transfer of assets and IP and looks forward to working with BIC through the earn-out agreement to leverage off BICs undoubted competence in high volume manufacturing, supply chain management and mass market distribution.