Acal gets £3.25m for fuel cells
UK fuel cell firm Acal has raised a further £3.25m from existing investors.
Its FlowCath technology uses a proprietary liquid catalyst “to eliminate most of the platinum used in conventional fuel cells”, said Acal.
Investors in this round include: I2BF, the North West Fund for Energy and Environmental (NWF4E&E) and the PFCC2 – both managed by CT Investment Partners – and SC Green Tech Ventures (the investment arm of Sumitomo).
Contributions were also made by smaller investors and by the company’s management.
“We are especially pleased to have the confidence of our current investors who have been most supportive of our operations to date”, said MD Brendan Bilton. “Our rate of technical progress puts us in a good position as we proceed with our commercialisation plans.”
Applications are sought in commercial-scale stationary power and vehicles.
The funding “will enable the benefits of FlowCath technology to be delivered earlier, and to feature more prominently in the company’s commercialisation plans,” said the firm.