LONDON CMR Fuel Cells, winner of the U.K.'s 2005 Carbon Trust Innovation Award, has completed a series B funding round from a syndicate of institutional and individual investors.
The funding total was not made public, but it will be used to strengthen and accelerate CMR's technical and commercial development.
Daniel Carter, principal, Conduit Ventures Ltd, who led the round, said “CMR Fuel Cells stands out as having all the ingredients excellent technology, world-class team and strong market demand. CMR’s ability to deliver low-cost, long-runtime fuel cells is set to trigger the widespread adoption of portable fuel cells that has been awaited for so long.” CMR Fuel Cells was incorporated in October 2003, based on technology developed at The Generics Group (Cambridge, U.K.) and demonstrated its technology in May 2005.
The company is owned by its management team, Conduit Ventures, The Carbon Trust and the Generics Group. Conduit Ventures is a specialist venture capital fund focusing on fuel cells backed by Johnson Matthey, Shell Hydrogen, Mitsubishi, Danfoss and Solvay. The Carbon Trust is a leader in clean energy investing and is funded by the U.K. government.
CMR is a fuel cell stack technology and the company's patented design architecture aims to make fuel cells 10 times smaller and more powerful and up to 80 percent cheaper than competing products. It is developing fuel cell stacks for use in applications such as battery chargers, auxiliary power units, laptops, power tools, robotic devices, portable generators and portable military applications.