CT <b>Investment</b> Partners leads £6m Acal Energy fundraising

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.

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United Rentals, United Waste founder leads $150M Express-1 <b>investment</b>

Express-1 Expedited Solutions Inc. and Bradley Jacobs, founder of United Waste Systems, announced Tuesday, June 14, that they have entered into an agreement under which Jacobs and minority co-investors will invest an aggregate of up to $150 million in cash in Express-1, including an investment by Jacobs Private Equity of up to $135 million.

Jacobs will become the majority shareholder in Express-1 – a publicly traded nonasset-based third-party logistics transportation services provider – and chairman of its board of directors. In addition, he will lead the company as chief executive officer. Jacobs previously built two multibillion-dollar publicly traded companies: United Rentals Inc., the world’s largest equipment rental company, and United Waste Systems Inc., the fifth-largest solid waste company in the United States at the time of its sale.

“I plan to build a multibillion dollar transportation brokerage business over the next several years,” Jacobs says. “Express-1 is an ideal platform, with prominent positions in expedited services, freight brokerage and freight forwarding. I’m excited about leading the company into its next phase of growth.”

The transaction, which has been approved by the company’s board of directors, is subject to the receipt of shareholder approval and other customary closing conditions. Express-1 is expected to maintain its current headcount and central operating locations in Buchanan, Mich.; Downers Grove, Ill.; South Bend, Ind.; Rochester Hills, Mich.; Tampa, Fla.; and Miami.

“We’re very pleased that Brad has decided to make such a significant commitment to advancing Express-1's position in the industry,” says Mike Welch, chief executive officer of Express-1 Expedited Solutions. “We view his decision as a strong vote of confidence in the caliber of our employees and our operations.”

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