The offer was 37% oversubscribed and raised 11 million pounds.

The company also announced it had been selected by the Boeing Company as a partner in the development of the world's first fuel cell-powered airplane for manned flight.

Intelligent Energy said it would continue building strategic partnerships with major corporations for the joint development or licence of proprietary fuel cell technology to address mass markets in distributed electricity generation, motive and portable power.

The company has several such partnerships in South Africa, the home country of its financial advisors, Standard Bank Group Limited, which arranged the latest capital raising.