|
|
|
 |
 |
 |
 |
 |
 |
 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
|||||||||||||||||||
|
 |
|
|
Angstrom Power Closes $18 Million Round of Financing
VANCOUVER, Canada, Sept. 5 /PRNewswire/ -- Angstrom Power announced today that it has closed US$18 million of private equity financing. The new investment is led by VantagePoint Venture Partners who join Angstrom's existing investor consortium including Ventures West, GrowthWorks Capital, Chrysalix Energy, OPG Ventures, and Micro-Generation Technology Fund. Angstrom was founded in 2001 to develop high energy density micro-structured fuel cells. In late 2005, Angstrom demonstrated the world's highest energy density (>400 Wh/l) micro fuel cell system for portable electronic devices (<25 cc system volume). The company has a clear research and development path to deliver performance well beyond these levels in 2007. "We are pleased to announce this expansion of capital that will provide a very strong foundation for Angstrom's next stage of growth -- commercialization of the world's leading fuel cell technology for handheld applications," said Angstrom CEO Paul Zimmerman. "Angstrom's demonstrated performance establishes the company in a solid position to become a leader in the micro fuel cell industry," commented Sara Bradford, a consultant with Frost & Sullivan and a fuel cell industry expert. "The technology shows immense promise to provide safer alternatives to traditional batteries which is increasingly important with today's portable power source safety issues." The unique benefits of Angstrom's patented Micro Hydrogen(TM) technology include high energy density, small form factors, passive operation and low cost manufacturability. The company is also working with industry-leading strategic partners to develop infrastructure solutions to enable widely available and cost effective fuel cartridges and re-fueling on a global scale. Stephan Dolezalek, Managing Director with VantagePoint Venture Partners, stated, "We have looked closely at dozens of micro fuel cell companies over the last several years, and we have chosen Angstrom for our investment in this sector because of the exceptional base of intellectual property. We believe that the company has, by far, the best opportunity to meet the future needs of the handheld consumer electronics manufacturers." In addition to the large market for handheld consumer electronics products such as mobile phones, MP3 players and digital still cameras, Angstrom's technology can be applied to military and industrial applications that require longer run times. Contact About Angstrom Power Incorporated Angstrom Power Inc. is a Vancouver-based company founded in 2001 to develop and commercialize micro-structured fuel cells based on a novel fuel cell architecture. The unique fuel cell architecture, combined with innovative concepts for hydrogen fuel and integrated into passive Micro Hydrogen(TM) systems, enables high energy density in small form factors suitable for portable devices like cell phones. Angstrom Power has successfully built prototype devices and is currently in the process of developing products for industrial and consumer markets. The family of products includes end-user devices as well as products for refueling. The refueling can either be portable using cartridges or fixed using existing hydrogen infrastructures. To-date, Angstrom has over 50 patents filed and/or issued representing a deep intellectual property base. For more information: www.angstrompower.com. About VantagePoint Venture Partners VantagePoint Venture Partners is among the most active and successful venture firms in the world with more than $4.0 billion of capital under management. The Firm invests exclusively in technology driven companies and is organized around deep expertise and resources in five principal areas of interest: CleanTech, Communications and Systems, Semiconductors, Software and Internet, and Healthcare. VantagePoint is a multi-stage investor, investing in high growth businesses at all stages of development. The Firm believes in applying a hands-on and team oriented approach to companies of lasting value. The Firm supports each of its portfolio companies, including recent CleanTech investments in Miasole, New Energy Capital, STM Power, Solar Century and Tesla Motors with the resources of a dedicated team of VantagePoint professionals able to contribute a blend of company building, technology, operations, marketing, and corporate finance expertise. For more information: www.vpvp.com |
|
about us : for entrepreneurs : team : portfolio : news : contact us |
