EDISON EQUITY RESEARCH: INTELLIGENT ENERGY HOLDINGS - STRONG YEAR-ON-YEAR REVENUE GROWTH

Intelligent Energy Holdings' (IEH) interim results show strong revenue
growth, driven by the DP&G division, which provides power asset
management services for telecoms tower sites in India. The division has
recently announced agreement in principle on a contract that will more
than double the number of telecoms towers under management and
substantially improve divisional margins. We leave our estimates
unchanged and revise our valuation range to reflect a weakening in fuel
cell share prices since our April initiation note.

Intelligent Energy develops efficient hydrogen fuel
cell power systems for the distributed power and
generation markets (DP&G division), global
automotive (Motive division) and consumer
electronics (CE division) markets.

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