Fuel cell developer Acal Energy has raised over £6m from new and existing backers in a round led by CT Investment Partners, an adviser to the Carbon Trust.
The company said it will use the funds to develop its first stationary power product for field demonstration later this year.
It also plans to use the funds to accelerate development of key aspects of its technology for automotive applications.
Acal Energy CEO Dr SB Cha said, ‘During arguably the most difficult fundraising climate in recent history for start-up companies, we have exceeded our fundraising target for this round, and in total have raised nearly £10m since December 2008.
‘With this very strong level of support, our technology has moved rapidly from concept to demonstration and we will be entering into field demonstration later this year.’
The new backers Acal Energy attracted in the latest round include I2BF, North West Fund for Energy and Environmental and Parkwalk Advisors.
They joined the company’s existing investors Carbon Trust Investments, Solvay, Porton Capital, Sumitomo and a large Japanese automaker. About £1m came from the Carbon Trust’s Polymer Fuel Cell Challenge, through which Acal was selected as an important new technology for automotive applications.
Jonathan Bryers, partner at CT Investment Partners, said, ‘Acal Energy’s ground-breaking technology represents a real opportunity to unlock the commercial potential of fuel cells.
‘The company’s differentiated proposition and strong intellectual property position places it in the top tier of emerging UK cleantech businesses.’
Tags: Acal Energy, fuel cell
This story was published on Tuesday, June 14th, 2011 at 12:23 pm and is filed under North America, deals, energy storage. You can follow any responses to article entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.Source : Click Here
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