ACAL Energy Closes £6.1M Funding
ACAL Energy, a Runcorn, Halton, UK-based fuel cell technology startup, has closed a £6.1m funding round.
The close includes £3.5m from a first close announced last year and £1M from the Carbon Trust’s Polymer Fuel Cell Challenge.
The round was led by CT Investment Partners (CTIP), with participation from new investors I2BF (read the news), North West Fund for Energy and Environmental, and Parkwalk Advisors. and existing backers Carbon Trust Investments Limited (CTIL), Solvay SA, Porton Capital, Sumitomo Corporation and a large Japanese auto company.
The company intends to use the funds to develop its first stationary power product, for field demonstration of a stationary power prototype later this year at Solvay Ltd’s Warrington Site, and to accelerate development of some aspects of its technology for automotive applications.
Led by CEO Dr SB Cha, ACAL Energy develops low cost Proton Exchange Membrane (PEM) Fuel Cells systems, modules and consumable chemicals for a range of uses including stationary, residential and automotive applications requiring larger than 1 kW of power.