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subsequent private placement, with selected institutional investors in continental Europe and in the UK. The issue raised gross proceeds of 4.35 million (US$6.4m), which will be used to increase international sales and marketing activities, and to push ahead with ongoing work in the development of high-performance fuel cell systems and hydrogen system solutions.
๐ SIMILAR VOLUMES
## Fuel Cells Bulletin May 2011 sales,' says Gary Flood, CEO of ReliOn. 'With this funding, we are able to accelerate a number of important programs currently under way which move the company toward our objective of becoming the first profitable fuel cell company.'
I n the UK, The Carbon Trust is launch- ing the Polymer Fuel Cells Challenge, an ยฃ8 million (US$12.7 million) initiative to accelerate the commercialization of breakthrough technologies to bring about the cost-effective, mass production of fuel cell cars and buses, as well as providing electricity a