Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« New SoCal tech center to promote alternative fuel & advanced vehicles | Main | Mitsubishi Electric develops EV motor drive system with built-in silicon carbide inverter »

Print this post

Direct methanol fuel cell company Oorja closes Series E funding

13 February 2014

Oorja, developer of methanol fuel cells in the power range from 1 kW to 20 kW, announced the close of a Series E investment round. (Earlier post.) New investor Mingxin China Growth Fund joined previous backers including DAG Ventures in the oversubscribed round.

The global fuel cell industry surpassed $1 billion in revenue in 2012, growing from $847.5 million in 2011 to $1.3 billion in 2012, according to a 2013 report by Navigant Research. The OorjaPac DMFC system is already in use by some of the world’s largest materials handling and telecommunications companies. The investment round follows a $4.2-million purchase order and distribution agreement in Latin America and other recent milestones including:

  • A strategic partnership for commercialization and distribution of methanol fuel cells in South Africa with HySA/Catalysis;

  • A research agreement with Lawrence Berkeley National Lab to develop fuel cells for electric vehicles, with a focus on Membrane-Electrode Assembly (MEA) development; and

  • Customer deployments with the company’s long-standing Fortune 50 customers in material handling.

The new funding round will support Oorja’s continued success supplying the OorjaPac to the material handling business. It will also jumpstart Oorja’s expansion into the telecommunications industry for network towers and growth of the company’s global distribution network.

Customers in the materials handling industry use the OorjaPac as an on-board battery charger for a wide variety of Class 3 vehicles. The OorjaPac keeps the vehicle’s battery at a constant state of charge, eliminating the need for battery swapping and rapid charging. The self-contained, compact OorjaPac requires minimal retrofitting and provides an attractive payback for the Telecommunications market by ensuring uninterrupted power supply and, in some cases, replacing less efficient and high-emissions diesel generators.

February 13, 2014 in Brief | Permalink | Comments (0) | TrackBack (0)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef01a3fcbba39b970b

Listed below are links to weblogs that reference Direct methanol fuel cell company Oorja closes Series E funding :

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2013 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group