Press Release
Synergis Invests in ACAL Energy
27th February 2007
ACAL Energy Ltd., has successfully completed a funding round of £1.6M in venture capital funding. Synergis Technologies Ltd, through the Synergis Seed Fund, has partnered with Rising Stars Growth Fund (RSGF), The North East Co-Investment Fund Limited Partnership and the Carbon Trust in providing this investment. ACAL Energy will use this investment to develop its low temperature fuel cell cathode technology, FlowCathTM.
Fuel cells are an emerging and highly efficient energy conversion technology, with a wide variety of applications including consumer electronics, remote and distributed power applications, as well as automotive and mobile applications. FlowCathTM will enable fuel cell systems – in laptops for instance - to operate up to five times longer than is currently possible, at a materially reduced cost and can be applied to a wide range of fuel cells. This dramatic cost reduction is achieved through ACAL Energy’s radical approach which entirely removes the need for the precious metals currently used in the cathode and significantly improves the cell’s power density.
A recent Fuel Cell Today report indicated strong consumer pull for power devices such as fuel cells with longer lifetimes and higher efficiencies than that provided by traditional batteries. The advantage of the FlowCathTM technology lies in the fact that as a component, it can be used by a wide range of fuel cell developers and partners, enabling them to reduce their costs and get to market sooner.
Dr Andrew Creeth the technical founder of ACAL Energy Ltd with over 15 years R&D experience at a large research driven multinational, has brought his extensive expertise in surface and redox chemistry to addressing the key problems faced by the cathode component of a fuel cell. Following this investment, Bob Pettigrew is joining the Board as non-executive Chairman, and James Wilkie as a non-executive director. Bob Pettigrew is a co-founder of Generics and has over 20 years experience in the development of emerging businesses, whilst James Wilkie is a former Development Director of Johnson Matthey Fuel cells.
"This investment marks an exciting time for Synergis Technologies and we are very pleased to be working with Acal Energy and our investment partners," stated Terry Swainbank, Investment Director, Synergis Technologies. "The technology here is truly unique and important if there is to be a viable future for fuel cells."
Dr Andrew Creeth, founder of ACAL Energy Ltd, commented:
"We have to date demonstrated in our laboratory based systems that our technology has the potential to deliver a huge benefit to both hydrogen and methanol powered fuel cells; with this investment and the support of Bob and James we will be able to move FlowCathTM and our company to the next exciting stage of development."
ACAL Energy has previously received £420k in seed financing from the Rising Stars Growth Fund Limited Partnership, and is a graduate from the Carbon Trust incubator programme.
- Ends –
For further information on Synergis Technologies Ltd. and all other media enquiries, please contact:
Shimi Shah, Interim CEO or Elizabeth Martens, PR Manager
Tel: +44 207 932 0727
Email: pr@synergistechnologies.com
www.synergistechnologies.com
For further information on ACAL Energy Ltd and all other media enquiries, please contact:
Amanda Lyne, CEO
Tel: + 44 1928 511 581
Email: alyne@acalenergy.co.uk
www.acalenergy.co.uk
NOTES TO EDITORS
Synergis Technologies Ltd. is as an investment vehicle providing seed and early stage funds to help turn innovative research from universities and leading Public Sector Research Establishments (PSRE's) into significant commercial value. Many aspects of the commercialisation process are difficult and new, from setting strategy to obtaining secure funding. Synergis provides funds to bridge this gap, and through proactive portfolio management helps build strategic value in the businesses it invests in. In addition Synergis is almost unique in its ability to provide access to follow on funding through its parent company, Porton Capital. The financing capability of Synergis and Porton Capital means that the companies in which they invest can grow without funding constraints.
With its head offices in London, Synergis offers early stage and follow on funding for start-ups. With a dedicated team made up of former scientists, investment professionals, commercialisation directors and entrepreneurs, Synergis is able to understand the challenges faced by start-ups. Acting initially as an advisor to Porton Capital’s Synergis Seed Fund (SSF), Synergis is also in the process of making investments on its own balance sheet.
ACAL Energy Ltd. ACAL was co-founded in August 2004 by FlowCath inventor Dr Andrew Creeth and Amanda Lyne. Andrew has 15 years blue chip R&D experience with 9 commercialised patents. Amanda has both extensive blue chip commercial experience, and direct experience of early stage fund raising, technology start up and an AIM flotation. Non-executive director Dan Dajie, also a founder, was Vice President of Engineering of AIM listed fuel cell membrane developer Polyfuel Plc. Dan is based in the US and is an expert in the fuel cell industry with practical early stage technology development experience.