Consortium invests $6.7m in myFC AB

This is the second tranche of myFC's funding round. The investors were attracted to the deal because the mobile phone fuel cell charger the company has developed is believed to meet a strong demand in the market. The standardisation of mobile phone charger connectors is also likely to boost growth prospects.

Funding will support the commercialisation of the product, which is expected to launch in Q4 2011 in Europe and Q1 2012 in the US. The company has also been approached by international investors and it is likely that an additional funding round will be closed later in 2011.

Company
myFC AB is based in Stockholm and is a fuel cell technology company that develops and industrialises solutions for powering portable electronics such as mobile phones. The company was founded in 2005 and is now launching its own commercial portable charger under the PowerTrekk brand.

People
Björn Westerholm is the CEO of myFC.

Advisers
Company – GP Bullhound (Corporate finance).

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