Intelligent Energy sold for £19.5m

Loughborough-based Intelligent Energy has been sold to Meditor Energy, one of its largest backers, for £19.5m.

In September, the Group announced it was facing an uncertain outlook and the Board had concluded that, due to a number of factors, there could be little (or potentially no) value remaining in the Company’s ordinary shares.

Since the issue of that announcement the Board has (with the assistance of Deloitte) continued to progress a potential sale of some or all of the business and assets held by the Company’s subsidiaries; discuss any residual financing options with key stakeholders; and seek trading related solutions that would bring funding into the Company.

Having being unable to produce an outcome that would result in the Company being a going concern or provide more time to seek and implement any other financing solutions, the board has agreed to sell Intelligent Energy Ltd for a total consideration of £19.5m