ACAL Energy,
a Runcorn-based fuel cell technology developer, has closed a
financing round of £3.3 million. The funds were provided by
entities affiliated with the Solvay SA, a leading Japanese
corporation and all of its existing investors.
Ascendant,
the technology and cleantech focused corporate finance boutique,
advised ACAL on the fund raising.
ACAL is a developer of a new low cost and reliable PEM Fuel Cell
technology targeted to stationary, residential and automotive
applications. Its radical and innovative technology will deliver
substantial cost savings in Proton Exchange Membrane Fuel Cell
systems, enabling Fuel Cells to eventually match or even better the
cost of incumbent 'brown' technologies (e.g. diesel generators).
The technology will also deliver significant performance
improvements which, combined with the cost benefits, will enable
ACAL's Fuel Cell technology to dominate key energy/power
markets.
SB Cha, ACAL's CEO commented, "We are very pleased to welcome
Solvay and a major Japanese corporate to our investor group. Their
industry power, technical knowledge and access to potential fuel
cell markets will add significant value to ACAL. Their financial
contribution along with that of the Carbon Trust, North Star
Equity, Enterprise Ventures and Porton, will allow us to ramp up
our development and get our first products to market".
He added "We are particularly pleased to successfully complete this
financing against the backdrop of very difficult market conditions.
Ascendant lead this process for us and were critical to its
success. We look forward to working with them again."
Jean-Michel Mesland, Solvay's General Manager Research &
Technology and Member of the Executive Committee said: "This
investment in an innovative company allows us to take part in a
technological breakthrough, which will make fuel cells more
cost-efficient. As leader in innovative polymer membrane technology
for fuel cells, we are committed to give strong support to the
development of such devices which are needed to achieve sustainable
development."
"We backed the ACAL Energy technology proposition from an early
stage and have been impressed by what we believe is a highly
innovative and effective solution to two key barriers facing the
fuel cell sector: cost and reliability." said Jonathan Bryers,
Partner at CT Investment Partners.
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