Protonex Raises $9 Million in Second Round - Portable Fuel Cell Company Adds Global Design/Manufacturing Partner
Protonex Technology Corporation, a manufacturer of high-performance fuel cell power systems for portable and remote applications, announced that it has raised $9 million in a second round of institutional funding. The financing was led by existing investors Conduit Ventures Ltd., SAS Investors, Solstice Capital and Commons Capital. New investors are Parker Hannifin Corporation, Contango Capital Management and the Massachusetts Green Energy Fund.
Southborough, MA (PRWEB) April 5, 2005 -- Protonex Technology Corporation, a
manufacturer of high-performance fuel cell power systems for portable and remote
applications, announced that it has raised $9 million in a second round of
institutional funding. The financing was led by existing investors Conduit
Ventures Ltd., SAS Investors, Solstice Capital and Commons Capital. New
investors are Parker Hannifin Corporation, Contango Capital Management and the
Massachusetts Green Energy Fund.
Scott Pearson, CEO, Protonex, states
that the funds will be used to further develop Protonex’s patent-pending fuel
cell technology, to commercialize and launch products, and to expand the
company’s operations. "The high level of interest we received from venture
capital funds and industry leaders is very gratifying because it provides strong
evidence of our market leadership. Protonex has demonstrated fuel cell prototype
systems and is focused on creating high-value products for specific
applications. The addition of a world-class manufacturing partner, Parker
Hannifin, further strengthens our position and will enable us to achieve
economies of scale in a much shorter period of time."
Protonex’s high
performance portable fuel cell systems are compact, lightweight and durable, and
provide customers with a better solution than shorter term and/or heavier power
sources such as batteries and generators. A soldier on a 3-day mission, for
example, currently carries 13 primary batteries weighing over 29 pounds, whereas
Protonex’s fuel cell system will provide the same amount of power while weighing
less than 10 pounds (including all required fuel). In addition to its military
efforts, Protonex also intends to adapt its product line to address a wide range
of commercial applications.
Parker Hannifin Corporation sees its
financial investment in Protonex as a natural extension of the existing
strategic partnership between the companies. According to Akbar Naderi, Group
Vice President, Parker Hannifin, “Parker has been successfully working with
Protonex on joint product development, engineering, design, manufacturing and
sales initiatives related to fuel cell products. Together, Parker and Protonex
helped Vectrix Corporation deliver the world’s first high-performance fuel
cell/electric scooter, and are actively engaged in developing other products. We
look forward to leveraging the strong synergies between Protonex’s fuel cell
systems and Parker’s industry-leading component design and manufacturing
technologies.”
John Butt, Managing Partner, Conduit Ventures added, “As a
worldwide fund specifically focused on fuel cells, we understand this market,
and it is clear to us that Protonex is well ahead of competition in its power
range. Conduit and our fellow investors feel that this funding, combined with
the company’s strong military traction, positions Protonex for long-term
success.”
About Protonex Technology Corporation - www.protonex.com
Established
in 2000, Protonex manufactures high performance, long duration, portable and
remote power systems. Protonex provides complete power solutions in the 10 to
500 Watt power range to OEM customers for off-grid applications underserved by
existing battery, generator, solar and other power technologies. The company’s
innovative fuel cell products also complement existing power technologies and
are utilized in hybrid designs for customer applications.
About Parker
Hannifin - www.parker.com
With annual sales exceeding $7 billion,
Parker Hannifin (NYSE: PH) is the world's leading diversified manufacturer of
motion and control technologies and systems, providing precision-engineered
solutions for a wide variety of commercial, mobile, industrial and aerospace
markets. The company employs more than 48,000 people in 46 countries around the
world.
For more information about Protonex, please contact:
Greg
Cipriano, Vice President, Marketing and Military Development
Protonex
Technology Corporation, 153 Northboro Road, Southborough, MA
01772-1034
Phone: (508)490-9960
Fax: (508) 490-8575
Email: e-mail
protected from spam bots
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Source : http://www.prweb.com/releases/2005/4/prweb224910.htm