RISINGSTARS GROWTH FUND COMPLETES REFINANCING OF ACAL ENERGY LIMITED
28 February 2007
RisingStars Growth Fund, the early stage technology fund managed by Enterprise Ventures, has completed a £1.6m refinancing of ACAL Energy Limited, in partnership with CT Investment Partners LLP, NorthStar Equity Investors and Porton Capital/Synergis Tehnologies Limited to develop its low temperature fuel call cathode technology, FlowCathTM.
Fuel cells are an emerging and highly efficient energy conversion technology, with a wide variety of applications including consumer electronics, remote and distributed power applications, as well as automotive and mobile applications. FlowCathTM will enable fuel cell systems - in laptops for instance - to operate up to five times longer than is currently possible, at a materially reduced cost and can be applied to a wide range of fuelcells. This draatic cost reduction is acheived through ACAL Energy's radical approach which entirely removes the need for the precious metals currently used in the cathode and has the potential to significantly improve the cell's power density.
A recent Fuel Cell Today report indicated strong consumer pull for power devices such as fuel cells with longer lifetimes and higher efficiences than that provided by traditional batteries. The advantage of the FlowCathTM technology lies in the fact that as a component, it can be used by a wide range of fuel cell developers and partners, enabling them to reduce their costs and get to market sooner.
Dr Andrew Creeth, the technical founder of ACAL Energy Limited with over 15 years R&D experience at a large research driven multinational, has brought his extensive expertise in surface and redox chemistry to addressing the key problems faces by the cathode component of a fuel cell. Following this investment, Bob Pettigrew is joining the Board as non-executive Chairman, and James Wilkie as a non-executive Director. Bob Pettigrew is a co-founder of Generics and has over 20 years experience in the development of emerging businesses, whilst James Wilkie is a former Developmer Director if Johnson Matthey Fuel Cells.
Mark Wyatt, Investment Director for RisingStars, said, "I am pleased ACAL has attracted both a knowledgeable syndicate of investors, and tow high calibre non-executives. This is a strong endorsement of the progress the business has made since its inception. This fundraising will enable ACAL to further develop its FlowCath TM technology, and I look forward to the continuing growth of this business".
Dr Andrew Creeth, founder of ACAL Energy Limited, commented, "We have to date demonstrated in our laboratory based systems that our technology has the potential to deliver a huge benefit to both hydrogen and methanol powered fuel cells, with this investment and the support of Bob and James we will be able to take FlowCathTM and our company to the next exciting stage of development".
ENDS