I2BF et al back ACAL Energy with £4m

I2BF contributed £1m to the round from its latest Venture Fund II. The fresh capital will be used to continue the research and development of the company's fuel cell technology, in order to achieve the increased performance and cost improvements necessary for the commercial launch.

The company first received £420,000 in seed funding in 2004 from Enterprise Ventures (EV) to prove the key technical principles and file its first patents. In early 2007, EV, Carbon Trust, NorthStar Equity Investors and Synergis provided a £1.6m series-A funding. A further £3.6m series- B funding round followed in February 2009 backed by EV, the Carbon Trust and three new investors, including the venture arms of Honda and Solvay.

Company
Based in Runcorn, ACAL Energy develops low cost fuel cell systems, modules and consumable chemicals for a range of uses including stationary, residential and automotive applications, requiring more than 1 kW of power. The company was founded in 2004 to research and optimise the invention of now-chief technology officer Dr Creeth for addressing the inherent technical limitations of the cathode side of membrane based fuel cells. ACAL Energy is working towards a commercially viable product and currently employs around 30 people.

People
Ilya Golubovich and David Waserstein represented I2BF on the investment.

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