IdaTech, an Oregon fuel-cell company will bypass the New York stock markets, Nasdaq and the NYSE, and list on the London Stock Exchange. The flotation is valued at £100m ($195m).

Observers believe this is another sign that America’s draconian Sarbanes-Oxley legislation is proving a turn-off for U.S. firms.

IdaTech manufactures environmentally friendly generators for industry and for recreational use. Owner Investec, with 96 percent of the stock, is selling between 50 and 60 percent of its holdings.