(Bloomberg) -- Intelligent Energy Holdings Plc rose almost 50 percent on Monday after the British fuel cell maker said it was taking the technical lead on a project with Toyota Motor Co. to mass produce and commercialize technology for the automotive market.
The company's shares rose as much as 2.63 pence, or 49 percent, to 8 pence a share at 11:30 a.m. in London. It's the stock's biggest gain since March 23, raising Intelligent Energy's market value to 16.5 million pounds ($21.3 million).
Intelligent Energy said in a statement it would take the technical lead on a 3.5-million euro ($3.83 million) program called Digiman, which focuses on developing fully automated mass manufacturing processes for fuel stacks used in zero emission vehicles. Freudenberg Performance Materials LP, WMG at the University of Warwick, and Toyota Motor Europe are also working on the three-year project.
“Hydrogen fuel cell powered vehicles are available now, but to continue to drive customer adoption, we need to ensure future fuel cell stacks are robustly industrialized and remain cost competitive in the future,” said Richard Peart, head of manufacturing for Intelligent Energy.
To contact the reporter on this story: Jessica Shankleman in London at jshankleman@bloomberg.net.
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Jonathan Tirone, Andrew Reierson
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