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Intelligent Energy raises £7m to accelerate commercialization
NEWS
BIOeCON raises €1m to develop prototype biomass-based fuel cell n the Netherlands, BIOeCON – a pioneer in the field of non-edible biomass conversion – has raised an additional E1 million (US$1.4 million) from existing shareholders, including a grant from the Dutch Ministry of Economic affairs. The funding will be used to design and build a prototype fuel cell which can convert cellulosic biomass directly into electricity. This BiCEPS (Biomass Conversion to Electrical Power Systems) concept has been under development in cooperation with Eindhoven University of Technology, through the research group of Professor Rutger van Santen, who recently was succeeded by Professor Emiel Hensen. The fuel cell prototype will be built by a team led by Dr Hans Heinerman, BIOeCON’s business development director. An independent, privately funded venture, BIOeCON brings together a network of leading scientists and technologists in catalysis and hydrocarbon chemistry. This expertise is being applied to develop new technology to convert biomass – in particular the recalcitrant polymeric biomass residue – in a more efficient and costeffective way to valuable molecules which can be utilized by the chemical and fuel industries. This is BIOeCON’s third breakthrough technology since its formation in 2006. In 2007 it formed the KiOR joint venture, financed by Khosla Ventures, to develop and commercialize Biomass Catalytic Cracking (BCC), a process in which biomass waste can be converted into transportation fuels. Then in 2009 it entered into a joint development agreement with the Brazilian energy giant Petrobras, to scale up and commercialize the BiCHEM process, in which cellulosic biomass is converted into platform chemicals suitable for polymers and/or fuel additives.
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BIOeCON, Hoevelaken, The Netherlands. Tel: +31 33 254 0473, www.bioecon.com
Neah Power in $10m equity purchase deal with Southridge
T
he Connecticut-based institutional investor Southridge Partners II LP has entered into a $10 million equity purchase agreement with Neah Power
May 2011
Systems, which is developing fuel cell power solutions for the military, transportation, and for portable electronics. Under the equity purchase agreement, Neah Power has the right to sell to Southridge up to $10 million of its common stock over a 24-month period. The company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the equity purchase agreement. Neah Power is developing a unique, patented, silicon-based design for its micro fuel cells that enables higher power densities, lower cost, and compact form-factors. The company’s micro fuel cell system can run in aerobic and anaerobic modes. Neah believes that the technology can also be used for energy storage and generation, as well as powering a variety of homeland security solutions. Neah Power Systems Inc, Bothell, Washington, USA. Tel: +1 425 424 3324, www.neahpower.com Southridge LLC: www.southridgellc.com
Intelligent Energy raises £7m to accelerate commercialization
U
K-based Intelligent Energy has recently completed a fundraising round of approximately £7 million (US$11.3 million) from existing and new institutional shareholders. This investment, achieved through a placement at £1.70 per share, will enable Intelligent Energy to accelerate the commercialization of its advanced PEM fuel cell systems. ‘We are experiencing real customer pull for our fuel cell power systems across our market segments,’ says Dr Mark Lawson-Statham, director of corporate finance at Intelligent Energy. ‘This is not surprising, as like us, a number of our partners and customers are seeing major commercial tipping points across the automotive, consumer electronic, backup power, and combined heat and power markets.’ ‘Volatile oil prices and the fragility of our current energy infrastructure, further highlight the need for clean and reliable energy technologies,’ adds Dr Henri Winand, CEO. ‘This investment allows us to continue the commercialization of our fuel cell technology, some of which is already undergoing public road testing.’ The company’s Fuel Cell Black Cabs recently made their debut on the streets of London, while the Suzuki Burgman Fuel Cell Scooter – powered by its PEM fuel cell technology – is the first
fuel cell vehicle to be granted European Whole Vehicle Type Approval [FCB, April 2011]. Last fall, the company announced that its joint venture with Scottish & Southern Energy, IECHP (UK and Eire) Ltd, had received an additional £3.7 million ($6 million) investment [FCB, December 2010]. The funding, from Scottish & Southern Energy, Scottish Enterprise, and Intelligent Energy, is being used to continue the development of fuel cell combined heat and power (CHP) systems for residential, commercial, and light industrial markets in the UK and Ireland. In other news, Intelligent Energy has appointed Robert Stoff-Riegel as its sales and business development manager for Germany, Spain, Portugal, and central Europe. StoffRiegel will focus on obtaining production agreements and developing joint ventures for automotive, stationary, and consumer electronic applications. He joins from Lotus Engineering, where he led business development across Germany and southern Europe. The company is participating in the German H2 Mobility initiative, to develop a nationwide hydrogen infrastructure, and sees key opportunities in the region. It recently appointed Phil Doran as its German agent [FCB, March 2011]. Intelligent Energy, Loughborough, UK. Tel: +44 1509 271271, www.intelligent-energy.com
ReliOn wins additional funding from investors
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S-based ReliOn, which manufactures high-reliability PEM fuel cell solutions for backup power applications, has secured an additional $6 million in equity financing with existing investors. The proceeds of this latest financing will be used to continue commercial growth in the US, and to expand international marketing and sales activities. ReliOn is currently engaged in two significant programs with large wireless operators in North America, and is pursuing growth in Europe through a recently announced collaboration with Hoppecke Batterien in Germany [FCB, April 2011]. ReliOn’s success in providing turnkey, long-runtime solutions, supported by bulk refueling capabilities in North America, is enabling opportunities in Europe, Asia, and other international markets. The company now has more than 3.5 MW of its fuel cell systems – representing some 1225 customer sites in 38 states and 21 countries – providing clean and reliable backup power based on its proprietary fuel cell technology. ‘In 2010, we experienced year-over-year tripling of both sales and gross profit as a percentage of
Fuel Cells Bulletin
9
BIOeCON raises €1m to develop prototype biomass-based fuel cell n the Netherlands, BIOeCON – a pioneer in the field of non-edible biomass conversion – has raised an additional E1 million (US$1.4 million) from existing shareholders, including a grant from the Dutch Ministry of Economic affairs. The funding will be used to design and build a prototype fuel cell which can convert cellulosic biomass directly into electricity. This BiCEPS (Biomass Conversion to Electrical Power Systems) concept has been under development in cooperation with Eindhoven University of Technology, through the research group of Professor Rutger van Santen, who recently was succeeded by Professor Emiel Hensen. The fuel cell prototype will be built by a team led by Dr Hans Heinerman, BIOeCON’s business development director. An independent, privately funded venture, BIOeCON brings together a network of leading scientists and technologists in catalysis and hydrocarbon chemistry. This expertise is being applied to develop new technology to convert biomass – in particular the recalcitrant polymeric biomass residue – in a more efficient and costeffective way to valuable molecules which can be utilized by the chemical and fuel industries. This is BIOeCON’s third breakthrough technology since its formation in 2006. In 2007 it formed the KiOR joint venture, financed by Khosla Ventures, to develop and commercialize Biomass Catalytic Cracking (BCC), a process in which biomass waste can be converted into transportation fuels. Then in 2009 it entered into a joint development agreement with the Brazilian energy giant Petrobras, to scale up and commercialize the BiCHEM process, in which cellulosic biomass is converted into platform chemicals suitable for polymers and/or fuel additives.
I
BIOeCON, Hoevelaken, The Netherlands. Tel: +31 33 254 0473, www.bioecon.com
Neah Power in $10m equity purchase deal with Southridge
T
he Connecticut-based institutional investor Southridge Partners II LP has entered into a $10 million equity purchase agreement with Neah Power
May 2011
Systems, which is developing fuel cell power solutions for the military, transportation, and for portable electronics. Under the equity purchase agreement, Neah Power has the right to sell to Southridge up to $10 million of its common stock over a 24-month period. The company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the equity purchase agreement. Neah Power is developing a unique, patented, silicon-based design for its micro fuel cells that enables higher power densities, lower cost, and compact form-factors. The company’s micro fuel cell system can run in aerobic and anaerobic modes. Neah believes that the technology can also be used for energy storage and generation, as well as powering a variety of homeland security solutions. Neah Power Systems Inc, Bothell, Washington, USA. Tel: +1 425 424 3324, www.neahpower.com Southridge LLC: www.southridgellc.com
Intelligent Energy raises £7m to accelerate commercialization
U
K-based Intelligent Energy has recently completed a fundraising round of approximately £7 million (US$11.3 million) from existing and new institutional shareholders. This investment, achieved through a placement at £1.70 per share, will enable Intelligent Energy to accelerate the commercialization of its advanced PEM fuel cell systems. ‘We are experiencing real customer pull for our fuel cell power systems across our market segments,’ says Dr Mark Lawson-Statham, director of corporate finance at Intelligent Energy. ‘This is not surprising, as like us, a number of our partners and customers are seeing major commercial tipping points across the automotive, consumer electronic, backup power, and combined heat and power markets.’ ‘Volatile oil prices and the fragility of our current energy infrastructure, further highlight the need for clean and reliable energy technologies,’ adds Dr Henri Winand, CEO. ‘This investment allows us to continue the commercialization of our fuel cell technology, some of which is already undergoing public road testing.’ The company’s Fuel Cell Black Cabs recently made their debut on the streets of London, while the Suzuki Burgman Fuel Cell Scooter – powered by its PEM fuel cell technology – is the first
fuel cell vehicle to be granted European Whole Vehicle Type Approval [FCB, April 2011]. Last fall, the company announced that its joint venture with Scottish & Southern Energy, IECHP (UK and Eire) Ltd, had received an additional £3.7 million ($6 million) investment [FCB, December 2010]. The funding, from Scottish & Southern Energy, Scottish Enterprise, and Intelligent Energy, is being used to continue the development of fuel cell combined heat and power (CHP) systems for residential, commercial, and light industrial markets in the UK and Ireland. In other news, Intelligent Energy has appointed Robert Stoff-Riegel as its sales and business development manager for Germany, Spain, Portugal, and central Europe. StoffRiegel will focus on obtaining production agreements and developing joint ventures for automotive, stationary, and consumer electronic applications. He joins from Lotus Engineering, where he led business development across Germany and southern Europe. The company is participating in the German H2 Mobility initiative, to develop a nationwide hydrogen infrastructure, and sees key opportunities in the region. It recently appointed Phil Doran as its German agent [FCB, March 2011]. Intelligent Energy, Loughborough, UK. Tel: +44 1509 271271, www.intelligent-energy.com
ReliOn wins additional funding from investors
U
S-based ReliOn, which manufactures high-reliability PEM fuel cell solutions for backup power applications, has secured an additional $6 million in equity financing with existing investors. The proceeds of this latest financing will be used to continue commercial growth in the US, and to expand international marketing and sales activities. ReliOn is currently engaged in two significant programs with large wireless operators in North America, and is pursuing growth in Europe through a recently announced collaboration with Hoppecke Batterien in Germany [FCB, April 2011]. ReliOn’s success in providing turnkey, long-runtime solutions, supported by bulk refueling capabilities in North America, is enabling opportunities in Europe, Asia, and other international markets. The company now has more than 3.5 MW of its fuel cell systems – representing some 1225 customer sites in 38 states and 21 countries – providing clean and reliable backup power based on its proprietary fuel cell technology. ‘In 2010, we experienced year-over-year tripling of both sales and gross profit as a percentage of
Fuel Cells Bulletin
9