ACAL Energy has secured total investments of £6.1m following the completion of its current fundraising round.
The round was led by CT Investment Partners (CTIP) and included contributions from several new and existing investors.
Runcorn-based ACAL is a developer of low-cost Proton Exchange Membrane fuel-cell systems powered by FlowCath, the company’s proprietary platinum-free cathode technology.
The funds will be used to develop ACAL’s first stationary power product, for field demonstration of a stationary power prototype later this year at Solvay Interox’s site and to accelerate development of key aspects of its technology for automotive applications.
Dr SB Cha, chief executive officer of ACAL Energy, said: ‘During arguably the most difficult fundraising climate in recent history for start-up companies, we have exceeded our fundraising target for this round, and in total have raised nearly £10m 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.’
The total investment amount includes £3.5m 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, Solvay, Porton Capital, Sumitomo Corporation and a large Japanese automotive company.
The investment total 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.
‘ACAL Energy’s platinum-free catholyte system provides a breakthrough in terms of lifetime and cost,’ said Solvay’s Patrick Francoisse. ‘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.’