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Posted: May 26, 2009
Mobile Fuel Cell Producer UltraCell Receives $3.8 Million in New Funding
(Nanowerk News) UltraCell Corporation, a leading producer of fuel cells for mobile power applications, today announced $3.8 million in new funding.
UltraCell will use the new capital to scale manufacturing at the company's facility in Dayton, Ohio -- the first and only volume-production micro fuel cell facility in North America -- and expand sales, marketing and field trial testing of its flagship product, the UltraCell XX25™ portable fuel cell. Recognized as the first commercial fuel cell system to be authorized by the U.S. Military for portable devices, the XX25 is designed to run a ruggedized laptop computer for up to eight hours on a single 250cc fuel cell cartridge. The system can also be configured for weeks of runtime in stationary applications such as remote video monitoring, surveillance and communications equipment.
The round of new funding was led by existing investors BASF Venture Capital GmbH, OnPoint Technologies, Espirito Santo Ventures (ES Ventures) and Miami Valley Venture Fund. To date, UltraCell has attracted $30 million in investment since it was founded in 2002.
"Over the past year we have seen an increase in field use of our XX25 product and success in building our products in our Dayton facility," said UltraCell CEO Keith Scott. "Our founding vision was to bring fuel cells out of the labs and into mass manufacturing -- and we're thrilled to be succeeding in this goal. This new funding will help us expand our market presence significantly, and enable us to respond even more quickly to increased market demands."
"UltraCell has impressed BASF, pushing the boundaries of next-generation power in innovative ways," said Keith Gillard, Principal, BASF Venture Capital America, Inc. "UltraCell is the premiere example of fuel cell technology realizing new markets by enabling new products, rather than mere incremental improvement over incumbent technologies. Increased market penetration and proven manufacturing capabilities distinguish UltraCell in the fuel cell industry."
UltraCell is a leading producer of fuel cell systems for mobile devices. With an exclusive license with Lawrence Livermore National Laboratories for micro fuel cell technology, the company has developed new technologies and intellectual property in the field of methanol-based fuel cells. Its patented, award-winning portable fuel cell, the XX25™, achieved Technology Readiness Level (TRL) 7 status, a significant U.S. Army milestone and certification for military use and commercial production.