Intelligent Energy (“IE”), the energy technology company, is delighted to announce the acquisition of the portable fuel cell and disposable fuel cartridge assets of Société Bic (S.A.) (‘BIC’).
IE welcomes BIC’s support in facilitating a seamless transfer of assets and IP and looks forward to working with BIC through the earn-out agreement to leverage off BICs undoubted competence in high volume manufacturing, supply chain management and mass market distribution.
Financial details of the acquisition
IE is acquiring the totality of BIC’s fuel cell and disposable cartridge technology for a cash consideration of $13m at closing and $2m in an escrow account at closing to be paid once the transition services are complete. There is also up to $7m cash consideration under an earn out arrangement.
Intelligent Energy’s CEO, Dr Henri Winand commented:
“This is an exciting and very important step forward for IE, as we work towards embedding our world class hydrogen fuel cell technology in portable consumer electronic devices. We have been in dialogue with BIC for a number of years about working together, and this transaction is very exciting for both of us.
This acquisition brings an extensive portfolio of IP and know-how which complements our own development programme, and helps us further leverage the significant IP package jointly acquired with our international consumer electronics partner in 2013. It also brings proven manufacturing technology which is a critical element to the development of the market for embedded fuel cells.”