Bac2 (United Kingdom) - Dec 2007

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01 December 2007

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Investors

London Seed Capital (LSC) has led a £2m round of funding for fuel cell materials company Bac2, taking a minority stake in the business. LSC contributed £170,000 to the round alongside a record breaking £1.83m investment from the London Business Angels (LBA) network. This latest financing follows on from a £500,000 seed investment in May 2006, which included contributions from LSC and LBA of £100,000 and £400,000 respectively (19 June 2006, page 22/23). The new capital will be used in the commercialisation of the company’s product, with a provision for continuing development to uncover potential further applications. The investors expect a substantial further funding round to be required in the next 12 months. The business has also previously received a £250,000 grant from the Department of Trade and Industry.

Company

Bac2 has developed a unique conductive polymer, ElectroPhen, designed for use in the bipolar plates needed in fuel cells, which convert hydrogen and oxygen in the air into electricity and heat without producing any polluting by-products. The material is made from readily available, low-cost constituents and, as such, solves the major cost issue that has prevented a major uptake of fuel cell technology. The company currently has patents pending for ElectroPhen in Europe, America and Japan. Southampton based Bac2 was founded in 2005 and employs eight staff.

People

Jason Ball led the investment for LSC, while Jamie Lewis was the lead angel investor and he will join the Bac2 board. Mike Stannard is the CEO of the company.

Advisers

Equity - Mitchell Moores, Brian Chadwick (Legal)

Sourced from: UK & Ireland unquote" 359 (Dec 2007)