Midven backs Amalyst

The financing will be used by Amalyst to roll out its new platinum-free electro-catalyst product, as well as open a sales office in the West Midlands.

Midven invested in the company via its Early Advantage fund, which closed on £8m in December 2009 and is focused on investing in young companies based in the West Midlands. The fund initially invests up to £125,000 if matched by a private investment, according to the firm's website.

Company
Amalyst was established in 2012 and is based in London. The company develops electrolysis catalyst and fuel cell technology that is platinum-free, which lowers the overall cost of the product.

The catalysts are designed for applications in fuel cells, which generate electricity and oxygen without combustion, and water electrolysers, which generate hydrogen fuel from electricity through water.

Amalyst's products act as a commercial accelerator for hydrogen energy devices. The company expects to see high demand for its product after its release, due to the commitments already made by a number of car manufacturers to commercially launch fuel cell-powered vehicles in 2015.

People
David Hodgson is the CEO of Amalyst. Midven director and investment director for the Early Advantage fund Andrew Muir led the deal for the firm. Cengiz Tarhan is the managing director of UCLB.

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