Fuel cell company ACAL Energy raises £3.25M
6 September 2012
ACAL Energy, the developer of platinum-free cathode fuel cell technology, has secured £3.25 million US$5.2 million) in a funding round, enabling it to strengthen the research and development of its affordable fuel cell systems.
This latest funding round was raised from existing investors including clean technology asset management group I2BF, the North West Fund for Energy and Environmental (NWF4E&E) and the PFCC2—both managed by CT Investment Partners (CTIP)—and SC Green Tech Ventures LLC (the investment arm of Sumitomo Corporation). Additional contributions were made by smaller investors and by the company’s management.
ACAL Energy’s FlowCath technology uses a proprietary liquid catalyst to eliminate most of the platinum used in conventional fuel cells, and the company has been able to demonstrate a significant improvement in the reliability and cost effectiveness of its fuel cells. ACAL Energy was a winner in The Carbon Trust ‘Polymer Fuel Cell Challenge’, an initiative aimed at accelerating access to new markets for fuel cell products.
The company has previously announced that it is targeting FlowCath power modules for commercial scale stationary power and automotive applications.
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