Fuel cell technology company Intelligent Energy has extended its joint development program with one of its existing Asian automotive OEM customers. The new contract is worth around £6.5 million (US$10 million) and is expected to last for approximately two and a half years.
The new joint development program marks another step in IE’s long-standing links with the Asian automotive market where fuel cell electric vehicle commercialization has started with the arrival of consumer products on the market. It will see further alignment of Intelligent Energy’s differentiated fuel cell engine technology to the customer’s product roadmaps.
IE currently works with nearly 25% of the largest global car OEMs (who each make more than 1,000,000 cars a year) allowing those OEMs to leverage IE’s technology and intellectual property portfolio.
We are very pleased to strengthen our existing commercial relationships with our Asian automotive OEMs. This allows a continued drive towards commercialisation of our fuel cell technology in our customer's product range. It is also a vote of confidence in our technology as the roll out of fuel cell electric vehicles increases pace as fuel cell electric vehicles hit the market now. Asia continues to take the lead globally in the adoption of fuel cell engine technology for automotive use and we are excited to be an integral part of this global adoption through our relationships with a number of Asian OEMs.—Henri Winand, CEO of Intelligent Energy