Intelligent Energy has completed a $35m (£22m) funding round, taking the UK fuel cell developer another step towards commercialising its hydrogen-fuelled technology for low-carbon transport and combined heat and power systems.

The Loughborough-based firm confirmed it had completed the latest round of funding from existing and new institutional shareholders, led by F&C Asset Management, and also including Artemis Global Energy and Altima Partners LLP.

The company said the latest funding round means it is now valued at around $500m (£314m), adding that including the current round it has now raised a total of £120m.

The deal follows the launch of a joint venture last month between Intelligent and Suzuki Motor Corporation, to develop and manufacture air-cooled fuel cell technologies for a range of industry sectors, including transport, consumer electronics and stationary power generation.

Intelligent chief executive Henri Winand also told news agency Bloomberg that the company was currently in talks with companies in China to form further partnerships.

“Hot on the heels of our landmark joint venture announcement with Suzuki, this latest round of funding is firmly aimed at reflecting this success within our consumer electronics and stationary power divisions,” he said, adding that there was growing evidence that customers were ready to deploy the company’s technology.