Intelligent Energy, the energy technology group, has announced the closing of its acquisition of the portable fuel cell and disposable fuel cartridge assets of Société Bic (‘BIC’). Combined with Intelligent Energy’s fuel cell technology, this acquisition is a significant forward step towards the mass-market availability of embedded hydrogen fuel cell technology to power applications and consumer electronic devices, such as PCs, laptops, smartphones, wearables and more.
“Our vision for universal wireless power is a world without boundaries where people can experience true mobility,” said Dr Henri Winand, chief executive officer, Intelligent Energy. “This acquisition of BIC’s assets is an important step in realising this vision, and accelerating our roadmap to bring our world class hydrogen fuel cell technology to portable electronic devices everywhere.”
BIC’s embedded fuel cell technology complements Intelligent Energy’s existing technology as it provides the company with additional disposable cartridge and volume production Intellectual Property (IP) assets, critical elements to the market development of embedded fuel cells.
Winand added, “As people continue to embrace ubiquitous wireless technology, and as our data consumption increases, we are rapidly approaching a point where we need to remove our dependence on the plug socket and make it simple for people to stay connected everywhere.”
Financial details of the acquisition
Intelligent Energy has acquired BIC’s fuel cell and disposable cartridge technology for a financial consideration of $13 million on completion and $2m to be paid once transition services are completed. The agreement includes a potential earn out up to $7 million.
