Consortium invests $6.7m in myFC AB

Viktor Lundvall
05 July 2011

Tweet
Facebook
LinkedIn
Google plus
Send to

A consortium, including KTH Chalmers Capital and the Sixth Swedish National Pension Fund, has invested $6.7m in Swedish fuel cell technology company 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).