|[March 24, 2014]
Intelligent Energy and GIC: GIC invests $63* million in Intelligent Energy
LONDON --(Business Wire)--
Energy Holdings plc ("Intelligent Energy" or "the Company"), the
international power technology company, and GIC, Singapore's sovereign
wealth fund, jointly announce that GIC has invested approximately $63*
million in the Company.
The investment takes the form of a new issue of 15,129,468 Ordinary
Shares to GIC, representing 10 per cent. of the Company's enlarged
issued ordinary share capital immediately following the placing of
shares to GIC, at a subscription price of £2.50 per Ordinary Share.
GIC is a highly regarded sovereign wealth fund that manages Singapore's
foreign reserves. It aims to achieve good long-term returns above global
inflation over a 20-year investment horizon. It is one of the largest
investment management organisations in the world, investing well over
US$100 billion in a diverse range of assets - from equities to fixed
income, to real estate to private equity - across more than 40 countries.
Whilst good progress has been made on the Company's recent strategic
priorities of the commercial launches of the consumer electronics
division, with its attendant global opportunities, and of the stationary
power division, initially in India, the Board very much welcomes the
additional strategic and financing options that are anticipated to be
available to the Company as a result of GIC's investment, including:
the opportunity to seek to accelerate progress in the Company's newly
launched divisions, with the intent of achieving a positive operating
cashflow at an earlier date;
greater flexibility to execute the business plan whilst pursuing
routes for the realisation of shareholder value.
Commenting, Paul Heiden, Chairman of Intelligent Energy, said:
"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."
Dr. Henri Winand, Chief Executive Officer of Intelliget Energy,
"The Board of the Company believes that GIC will be a strong and
supportive shareholder in the Company in the years to come, and the
additional capital will increase our strategic and financing options."
Jason Triplitt, Head, European Equities, GIC Asset Management Pte Ltd,
"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."
Andrew Davidson, Managing Partner of Parva Capital, commented:
"We are delighted to have worked with Intelligent Energy on arranging
this significant investment from this prestigious investor, building on
our six year advisory relationship with the Company".
* at exchange rate of $1.66: £1
About Intelligent Energy
Intelligent Energy develops efficient and clean energy technology for
the global consumer electronics, automotive and stationary power markets
- from compact energy packs for mobile devices, to powertrains for
zero-emission vehicles, and stationary power units for the always-on
Our advanced technology architecture is used by international companies
to create differentiated, cost-efficient fuel cell power systems for
mass market applications. It enables Intelligent Energy and our industry
partners to solve the challenges of continuous power and productivity,
by creating convenient everyday energy solutions to power your life.
Intelligent Energy's headquarters and principal facility is located at
Loughborough in the UK Midlands region.
More information on Intelligent
Energy is available at WordPress,
GIC is among the world's largest fund management companies. It was
established in 1981 to manage Singapore's foreign reserves. GIC strives
to achieve good long-term returns on assets under its management, so as
to preserve and enhance Singapore's reserves. Since its inception, GIC
has grown from managing a few billion dollars to well above US$100
billion today. GIC's investment framework capitalises on its strengths
which include the ability to take a long-term investment perspective, a
global presence, capabilities to invest in cross-asset opportunities,
and a skilled and experienced team. It has investments across 40
countries and in assets such as equities, fixed income, real estate and
private equity. GIC has been investing in emerging markets for over
twenty years. GIC is headquartered in Singapore with a network of nine
offices in key financial cities worldwide. For more information on GIC,
please visit www.gic.com.sg.
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