Intelligent Energy Holdings plc Acquires Société Bic

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Intelligent Energy ("IE"), the energy technology company, is pleased to announce it has completed the acquisition of the portable fuel cell and disposable fuel cartridge assets of Société Bic (S.A.) ('BIC').
 
Summary of strategic rationale
 
IE's corporate strategy for its Consumer Electronics division is focused on embedding its technology in portable consumer electronic devices on a sale of IP based business model. This acquisition is a significant step forward in accelerating our journey to delivering this goal. 
 
The acquisition brings with it a number of important benefits.  In particular, it provides a wide range of valuable incremental IP and capability relating to the volume production of planar 2D fuel cells and disposable fuel cell cartridges that can be deployed in line with IE's contract manufacturing model. 
 
This will allow IE to reduce the time and cost of developing and deploying production ready embedded fuel cells and fuel cell cartridges and it also strengthens IE's relationships with its current Consumer Electronics partners.
 
Financial consideration
 
The financial consideration is 13 million USD on completion and 2 million USD to be paid once transition services are completed. The agreement includes a potential earn out up to 7 million USD.
 
Intelligent Energy's CEO, Dr Henri Winand, commented:
 
"We are delighted to have completed this strategically important acquisition. This is an important step forward toward embedding our world class hydrogen fuel cell technology in portable consumer electronic devices."