PolyFuel, which makes a key component for fuel cells, plans to list on Aim this month, in a move to raise £12m and which is expected to value the company at £40m.

Fuel cells, though not yet widely in use, are seen by the industry as a potential solution to the increasing need for more efficient portable power sources. Traditional mobile phone and laptop batteries are failing to supply enough power for the increasingly sophisticated devices coming on to the market.