Losses at clean power technology firm Intelligent Energy have widened to £67.3m for the six months to the end of March as the company looks to refocus on small to medium sized off-grid devices.
The is significantly greater than the £21.4million for same period in 2015.
Revenue for the half year was £43.9m, substantially up on the £27.4m from 2015 and was bolstered by a power management contract with GTL to cover 27,000 telecom towers in India.
IE said it would refocus the business on short to medium term air cooled fuel cell technology applications and focus activities on a series of standardised products based on the company’s core air cooled fuel cell technology targeted towards nearer term commercial opportunities for highly distributed power applications.
It said its EC (evaporatively cooled) technology development would be put “on hold” until scalable and profitable opportunities arise
Chief executive Dr Henri Winand said: “It has been a difficult time for everyone associated with Intelligent Energy and we have taken some hard decisions for the long term future of the company.
” However, we have successfully raised the funds needed to complete the necessary restructuring of the business, and support our refocused strategy. The Board strongly recommends that all shareholders vote to support this at the forthcoming General Meeting.
“With a refocused strategy to capitalise upon the demand for small to medium sized applications to power off-grid devices and a materially reduced and sustainable cost base, there is a path in place toward building a viable long term business.”
Based in Loughborough in central England, Intelligent Energy has been researching energy technology for more than 25 years and has more than 1,000 patents.
In addition to work on zero emissions taxis, it also worked with Boeing on the first manned aircraft powered by fuel cells. It has also been looking at developing the first fuel cell powered smart phone.