The latest funding round of £3.25 million has been raised from existing investors including clean technology asset management group I2BF, SC Green Tech Ventures LLC (the investment arm of Sumitomo Corporation), the North West Fund for Energy and Environmental (NWF4E&E), and Carbon Trust Investments Ltd. CT Investment Partners (CTIP) acted as advisor to Carbon Trust Investments Ltd and as manager to NWF4E&E on the transaction. 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 radical improvement in the reliability and cost effectiveness of its fuel cells. Last year, ACAL Energy won The Carbon Trust ‘Polymer Fuel Cell Challenge’, an initiative aimed at accelerating access to new markets for fuel cell products.
As part of the funding announced today, ACAL Energy has been successful in receiving follow-on funding under this programme (PFCC2). This will enable the benefits of FlowCath® technology to be delivered earlier, and to feature more prominently in the company’s commercialisation plans.
“We are especially pleased to have the confidence of our current investors who have been most supportive of our operations to date”, said Mr Brendan Bilton, the recently-appointed UK Managing Director of ACAL Energy. “Our rapid rate of technical progress puts us in a good position as we proceed with our commercialisation plans.”
The company has previously announced that it is targeting FlowCath® power modules for commercial scale stationary power and automotive applications.