Intelligent Energy and GIC: GIC invests $63* million in Intelligent Energy

Intelligent 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% 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.

While 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 Intelligent Energy, commented:

"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, said: "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