EngenuitySC launches incubator for fuel cell innovation

• Publisher: Elsevier Science
• Year: 2006
• Tongue: English
• Weight: 75 KB
• Volume: 2006
• Category: Article
• ISSN: 1464-2859
• DOI: 10.1016/s1464-2859(06)71143-9

✦ Synopsis

PEMEAS raises 6m to continue growth

German-based PEMEAS Fuel Cell Technologies has raised 6m (US$7.7m) in equity capital from its existing investors. The capital will be used to support the continued growth of the company in key markets such as portable electronics and stationary fuel cell systems.

Incorporated in April 2004, PEMEAS has so far received 26m ($33.5m) in venture capital from its shareholders. 'The proceeds from the current financing round will enable us to further improve our product development and manufacturing capabilities so that we can capture near-term commercial opportunities,' says Dr Horst-Tore Land, president/CEO of the company, headquartered in Frankfurt am Main.

PEMEAS (www.pemeas.com) is continuing the fuel cell activities of the former Hoechst Group and Gruppo De Nora. The company is backed by a consortium comprising