Fuel cell innovator receives further funding
A
Sagentia product story
Edited by the Engineeringtalk editorial team
Aug 17, 2005
Generics Group spinout company CMR Fuel Cells has successfully completed Series B financing from a syndicate of institutional and individual investors.
Generics Group spinout company, CMR Fuel Cells, winner of the 2005 Carbon Trust Innovation Award, has successfully completed Series B financing from a syndicate of institutional and individual investors.
Generics invested GBP 250,000 in the series B round and maintains a 16.4% equity stake in CMR after the financing.
The funding is a major step forward in CMR's mission to make mass-market fuel cells commercially viable for the first time.
CMR's technology gives OEMs and manufacturers the option to integrate cost effective, long running and energy efficient fuel cell solutions into a wide range of consumer electronic products.
The funds will be used to strengthen and accelerate CMR's technical and commercial development.
"We are tremendously excited to be working with such a high-capability group of investors who share our vision of CMR technology driving the uptake of fuel cells in mass-market portable electronics".
"They bring financial, strategic and commercial resources which significantly enhance CMR's ability to realise our goal", said John Halfpenny, CEO of CMR Fuel Cells.
Martin Frost, Managing Director, The Generics Group, added: "I am delighted that the technical and commercial progress of CMR over the last 18 months has been recognised in the Series B financing".
"We believe that CMR will become a leading supplier of fuel cell products based on revolutionary stack architecture".
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