ACAL Energy raises a further £6m for low cost fuel cell technology
The round was led by CT Investment Partners (CTIP) and included contributions from several new and existing investors.
Dr SB Cha, CEO of ACAL Energy said: “During arguably the most difficult fund raising climate in recent history for start-up companies, we have exceeded our fund raising target for this round, and in total have raised nearly £10 million 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. At the same time, with the help of our investors, especially our industrial investors, we are building a strong foundation of relationships with partners and potential customers for the coming commercial phase of the business. We remain very confident that fuel cells using ACAL Energy’s technology will become a significant part of the clean energy generation landscape.”
The total investment amount includes £3.5 million from a first close announced in 2010. New investors I2BF, North West Fund for Energy and Environmental, and Parkwalk Advisors join existing investors Carbon Trust Investments Limited (CTIL), Solvay SA, Porton Capital, Sumitomo Corporation and a large Japanese auto company. The investment amount also includes £1 million from the Carbon Trust’s Polymer Fuel Cell Challenge, which selected ACAL Energy for investment as one of the most important new fuel cell technologies for automotive applications.
Visit ACAL Energy at www.acalenergy.co.uk.
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