GIC, Singapore’s sovereign wealth fund, has invested approximately $63 million in UK-based fuel-cell manufacturer Intelligent Energy Holdings plc.

The investment takes the form of a new issue of 15,129,468 Ordinary Shares to GIC, representing 10% 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 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 organizations 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.

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.

Intelligent Energy said that it very much welcomed the additional strategic and financing options that are anticipated to be available toit as a result of GIC’s investment, including:

• the opportunity to seek to accelerate progress in newly launched divisions, with the intent of achieving a positive operating cashflow at an earlier date; and
• greater flexibility to execute the business plan whilst pursuing routes for the realization of shareholder value.