Cheshire based ACAL Energy Ltd (ACAL Energy), has completed a £3.5m investment round to boost the development of its innovative low cost fuel cell technology. Carbon Trust Investments led the funding round, along with Solvay SA, Porton Capital and a leading Japanese automotive corporation. Additional funds are expected in a second round of closing later this year.
Fuel cells are a highly efficient and clean electricity-generation technology which could be used to power cars, combined heat and power (CHP) units and are well suited to geographically remote and mobile power applications. ACAL Energy’s FlowCath® technology avoids the use of platinum which is commonly used in fuel cells but is an expensive precious metal. Having simplified the fuel cell system, ACAL’s technology promises improved durability and reliability. According to the Carbon Trust, mass market applications of fuel cells could save the UK up to 7 million tonnes of CO2 a year in 2050, equivalent to taking two million of today’s cars off the road.
Carbon Trust Investments recently appointed Dr. J. Byron McCormick as a non-executive director on the ACAL Board. Dr McCormick is well known in the automotive industry, bringing with him 35 years of basic research, product development, manufacturing and operations experience, the last 25 years of which have been in advanced automotive systems, electric vehicle propulsion systems, fuel cells and hydrogen. Most recently he was Executive Director of General Motors’ fuel cell car development team, which at one time comprised up to 1,500 engineers, technicians and support staff.
Jonathan Bryers, Partner at CT Investment Partners, which advises Carbon Trust Investments, said “ACAL’s breakthrough low-cost fuel cell technology is well placed to claim market share and is a great example of a UK clean energy technology company at the cutting edge. We are delighted to be leading a further investment round in ACAL Energy and welcome the continued support of Solvay and our other co-investors.”
Dr SB Cha, CEO of ACAL Energy, said: “This further investment by our institutional financial and strategic investors is a strong endorsement of our technology and our Company. It recognises our recent progress and the significant market potential we see for low cost, reliable fuel cell systems.”