Press Release
ACAL Energy Completes Fund Raising Round
Over £6M total raised for breakthrough low cost fuel cell technology
14 June 2011
Cheshire, UK – ACAL Energy announces the completion of its current fund raising round, having secured total investments of £6.1 million. The round was led by CT Investment Partners (CTIP) and included contributions from several new and existing investors. The funds will be used to develop the company’s first stationary power product, for field demonstration of a stationary power prototype later this year at Solvay Interox Ltd’s site and to accelerate development of key aspects of its technology for automotive applications.
Dr SB Cha, CEO of ACAL Energy said: “We are very grateful for the support given to ACAL Energy by our existing and new investors. 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 last year. 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 £1M 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.
Jonathan Bryers, Partner at CT Investment Partners said: “ACAL Energy’s ground-breaking technology represents a real opportunity to unlock the commercial potential of fuel cells. The company’s differentiated proposition and strong IP position places it in the top tier of emerging UK Cleantech businesses and we are delighted to have completed this material investment round with the support of new and existing investors.”
Patrick Francoisse, Solvay SA, said: “ACAL Energy’s platinum-free catholyte system provides a breakthrough in terms of lifetime and cost, and is especially attractive for Solvay to support. We are confident that reliable, high performance and cost effective fuel cell systems will play a major role in the future for stationary and transportation applications.”
Ilya Golubovich, Managing Partner at I2BF: “After extensive due diligence we believe that ACAL Energy’s technology has the potential to play a significant role in securing mass market opportunities for fuel cells, and we are delighted to become part of the team that will help take the company to its next stage.”
- Ends -
- For further information, please contact Amanda Lyne at ACAL Energy:
Tel: +44 (0)1928 511581
E-mail : alyne@acalenergy.co.uk - Editorial contact:
Terry Nicklin, KeynotePR Ltd
Tel: +44 (0)7923 540695
E-mail: terry@keynotepr.com
Notes to Editors:
(Pictures available)
About ACAL Energy Limited
ACAL Energy is a developer of a new fuel cell technology that will enable low cost and highly reliable fuel cell systems for a wide variety of applications. The company was founded in August 2004 by FlowCath® inventor Dr Andrew Creeth and is headquartered in Runcorn, UK.
Fuel cells are a highly efficient and clean energy production technology capable of replacing combustion engines in applications including remote and distributed power and residential cogeneration, as well as automotive and mobile power applications. FlowCath® replaces the expensive precious metal catalyst found in conventional fuel cells with a proprietary low cost liquid catalyst. This not only reduces the cost of the fuel cell, but also provides significant durability and reliability benefits through system simplification and the elimination of the most common failure mechanisms found in standard fuel cells. With this technology, ACAL Energy believes that fuel cells can ultimately replace combustion engines in remote and distributed power, residential cogeneration and automotive applications. FlowCath® is a registered trademark of ACAL Energy Ltd.
www.acalenergy.co.uk
About Solvay Interox Ltd
Solvay Interox Ltd is part of Solvay, the international industrial group active in chemistry. Solvay offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 17,000 people in 40 countries. Solvay is listed on the NYSE Euronext stock exchange in Brussels (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR).
www.solvay.com.
About Carbon Trust Investments Limited (CTIL)
Carbon Trust Investments Limited is the venture capital investment subsidiary of the Carbon Trust. Carbon Trust Investments has invested in 25 businesses since 2002. Two of these companies, Ceres Power PLC and CMR Fuel Cells PLC listed on AIM. A further portfolio company, Heliswirl Technology Ltd, has been sold to a trade buyer.
www.carbontrust.co.uk
About CT Investment Partners LLP (CTIP)
Established in 2006, CT Investment Partners LLP is the FSA authorised and regulated venture capital advisory firm, jointly owned by its executives and the Carbon Trust, which advises Carbon Trust Investments Limited and The North West Fund for Energy & Environmental. As a fund manager for The North West Fund, CTIP’s role encompasses identifying appropriate investment opportunities, conducting due diligence, negotiating and structuring transactions, and monitoring and managing investments until exit.
www.ctip.co.uk
About I2BF
I2BF Global Ventures is an international clean technology asset management group with a global investment mandate and operates two separate divisions: I2BF Venture Capital and I2BF Public Equities; focused on venture capital and public equity activities respectively. Established in 2005, I2BF has over USD 130 million in assets under management across its flagship venture capital fund, I2BF Holdings I, which had a first close in 2006 and the I2BF Arbat Clean Technology Fund, a hedge fund launched in 2008. I2BF Global Ventures seeks out game-changing technologies, and to invest in the most innovative and competitive companies within the sector. In keeping with its worldwide focus, I2BF retains a team of technology and sector experts as well as renewable energy researchers across teams in New York, London, Moscow and Dubai.
www.i2bf.com
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