Intelligent Energy Holdings: GTL Transaction Not Going Ahead
Edison | Dec 01, 2016 07:59AM ET
Intelligent Energy Holdings (LON:IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
Investment case intact
IEH became involved in providing power management services in India with the intention of creating a captive market in the telecoms tower back-up power segment for its air-cooled cells. Since the transaction with GTL will not go ahead, IEH will not be able to dictate the rate at which diesel generators in the GTL tower portfolio are replaced with fuel cells. However, over the last year IEH has demonstrated that its fuel cells work well for both primary and back-up power deployment at telecoms tower sites in India, so the potential to sell fuel cells to tower operators in India and elsewhere, and for other diesel generator replacement applications remains.
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Intelligent Energy Holdings - GTL Transaction Not Going Ahead
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