CMR seeks AIM listing
A
Sagentia product story
Edited by the Engineeringtalk editorial team
Dec 14, 2005
Generics Group spinout, CMR Fuel Cells, seeks admission to the Alternative Investment Market of the London Stock Exchange.
Generics Group spinout CMR Fuel Cells is seeking admission to the Alternative Investment Market (AIM) of the London Stock Exchange.
The firm makes fuel cell technology for portable electronic products.Its fuel cell stack is being developed for applications such as battery chargers, auxiliary power units, laptops, power tools, robotic devices, portable generators and portable military applications.
Michael Priestnall and Michael Evans, joint founders of CMR Fuel Cells, have 20 years of fuel cell experience and invented the mixed-reactant fuel cell during an impromptu brainstorming session at Generics Group in 1999.
Based in Cambridge, the two realised that the mixed-reactant or single-chamber fuel cell, a laboratory curiosity since the 1950s, could be modified to enable up to an 80% reduction in stack cost.
Fuel cells are electrochemical devices that convert fuel (for example hydrogen, methanol and methane) directly into electricity at higher efficiency than internal combustion engines, and have the potential for higher storage capacity than lithium-ion batteries.
Contrary to conventional methodologies, in CMR's cell the fuel and air are mixed together before being passed through a compact cell stack containing perforated membranes coated with selective catalysts.
In doing this, the technology eliminates the need for two separate flow paths through the fuel cell stack, leading to a reduction in the number of component pieces needed, thus lowering the cost and size.
This makes the architecture suitable for mass manufacture and commercialisation.
Since spinning out of Generics, CMR has raised funding support from institutions including Carbon Trust Investments, Conduit Ventures and Herald Ventures.
Following the last round of funding, Generics holds about 16% of the issued share capital of CMR.
In 2004, John Halfpenny, serial entrepreneur (ex Arm and Splashpower) was appointed as CEO.
This year, the firm has won the 2005 Carbon Trust Overall Innovator of the year award and the 2005 Carbon Trust Individual and Small Businesses award.
It has been selected by the World Economic Forum as a Technology Pioneer for 2006, by Harvard Business School as one of 25 companies "most likely to change our world by 2010", and as a Red Herring Top 100 Europe company; previous Red Herring winners include Google and Ebay.
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