I2BF, the international clean technology asset management group, has completed its second investment within the UK by participating in the class C Ordinary Share financing of ACAL Energy Ltd. Other investors in the company include Carbon Trust Investment Partnership and Solvay SA.
ACAL Energy (ACAL) is a UK based developer of novel fuel cell power modules and consumable chemicals for a variety of applications, including off grid power for telecoms and automotive power trains. I2BF’s investment will be used to continue the research and development of ACAL’s unique cost effective Proton Exchange Membrane Fuel Cells (PEMFCs), helping achieve the increased performance and cost improvements necessary for the commercial launch.
David Waserstein, Partner and Director of Investments at I2BF, says: “We are delighted to be involved in early stage companies like ACAL that are developing and commercialising cutting-edge clean technologies. ACAL ’s technology can play a significant role in the adoption of fuel cells as a clean and efficient way of generating electricity. This will be particularly interesting to global automakers that are developing fuel cell electric vehicles for commercial launch in 2015. In addition we see exceptional growth potential in markets where distributed generation is critical and natural gas is readily available.”
ACAL has demonstrated capability to take well-proven technology from outside of the fuel cell industry and apply it to build innovative PEMFCs that address the inherent technical limitations of the cathode side of membrane based Fuel Cells at a cost level that can compete with existing technologies. When compared to conventional fuel cells based on a platinum catalyst, ACAL’s PEMFCs has the potential to reduce platinum content by 90% and reduce fundamental costs by 40%, at the same time improving reliability.
