Intelligent Energy to cut 200 jobs
Loughborough-based energy technology company Intelligent Energy is set to axe 200 jobs across its business after what it is calling “an extensive review” of the business.
The announcement comes just days after the firm revealed it may not have secured the funding it was hoping to.
A statement read: Tthe Company proposes to implement a material restructuring of its business. The objective is to focus Intelligent Energy on the most immediate and material market opportunities, while substantially and sustainably reducing the costs and cash burn of the business.
These opportunities are primarily based on the company’s class leading and power dense sub 1W to 20kW air cooled fuel cell technologies which are targeted towards small to medium-sized, highly distributed applications to power a range of off-grid devices.
“These include small embedded devices to medium auxiliary power units and range extenders for a range of end markets including drones and motive applications, but with continued focus on Distributed Power and Generation (DP&G) systems (currently operating in India with over 16MWh of clean electricity generated to date).
“The company plans to maintain its core high power technology Intellectual Property portfolio, know-how and expertise appropriate for motive and high power DP&G applications. However, further investment and development would only be made when profitable and scalable opportunities arise in lockstep with the deployment of refuelling infrastructures.
Intelligent Energy says the job cuts will reduce costs and cash burn “rapidly and significantly” and that it has started a period of consultation with its employees.
The firm has eight offices, in: Loughborough, London, India, California, Florida, France, Japan and Singapore.
