Japan’s Sumitomo Corp. Invests In Fuel Cell Maker

Feb 25 2009 | 9:24am ET

Leading Japanese trading company Sumitomo Corporation has invested an undisclosed amount in the U.K.-based ACAL Energy Ltd, a developer of low-cost fuel cell systems.

The investment, made through Sumitomo’s investment arm SC Green Tech Ventures LLC, is in addition to the previously announced GBP 3.3 million ($4.8 million) fundraising round completed at the beginning of December 2008 and led by Carbon Trust Investments and Solvay SA.

ACAL Energy will use all funds raised to continue development of its fuel cell systems, based on a unique platinum-free cathode technology. The technology replaces the expensive precious metal catalyst found in conventional fuel cells with a proprietary, low-cost liquid catalyst. The company expects to introduce a 1kW demonstration system in 2009.

ACAL Energy is currently funded by CT Investment Partners LLP, Rising Stars Growth Fund (RSGF), NorthStar Equity Investors Ltd., Porton Capital Ltd., Synergis Technologies Ltd., Solvay SA and a major Japanese corporate investor.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Quattrex Sports AG Debuts Soccer-Focused UCITS Fund

Sep 9 2016 | 9:54pm ET

Innovative alternative investment company Quattrex Sports has unveiled a new UCITS...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...