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£2million boost for fuel cell technology
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26/11/2007
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Fuel cell material pioneer Bac2 has raised £2million of private funding from London Business Angels.
The investment will enable the company to take to market its electrically conductive polymer ElectroPhen which is seen as an enabler for the adoption of fuel cells as a future solution for clean energy needs.
The funding round was led by London Seed Capital and London Business Angels who supported the continuing success of their original investment in 2006 raising £2 million for this round. The investment is the largest ever Business Angel investment in the 25year history of the London network.
“The fact that we have been able to secure so much investment, primarily from private individuals, demonstrates the progress we have made since the company was set up in 2005,” explained Bac2’s ceo, Mike Stannard.
Jason Ball of London Seed Capital added: “Clean technology is one of the most exciting opportunities for investors today. Bac2 has turned its vision of ElectroPhen as a fuel cell material into reality and is already sampling bipolar plates around the world.”
Bac2 intends to announce its first standard product shortly and is planning a number of new opportunities for ElectroPhen, including its use in plastic/printed electronic components and circuits.
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Author
Mike Richardson
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