The fuel-cell technology developer Intelligent Energy has made three acquisitions to extend its range of technologies for hydrogen generation, fuel storage and power generation. Chief Executive Harry Bradbury formed Intelligent Energy in 2000. Intelligent Energy acquired Advanced Power Sources, a developer of fuel cell systems, in 2001. The company’s customers include Boeing, which is using the technology for what it says will be the first fuel-cell-powered manned flight. Raising almost £30m since 2001 helped fund the three acquisitions, catapulting sales 327% a year from £175,000 in 2002 to £3.2m in 2004, when the company made a substantial loss.
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