Southborough, MA (PRWEB) April 5, 2005
Protonex Technology Corporation, a manufacturer of high-performance fuel cell power systems for portable and remote applications, announced that it has raised $9 million in a second round of institutional funding. The financing was led by existing investors Conduit Ventures Ltd., SAS Investors, Solstice Capital and Commons Capital. New investors are Parker Hannifin Corporation, Contango Capital Management and the Massachusetts Green Energy Fund.
Scott Pearson, CEO, Protonex, states that the funds will be used to further develop ProtonexÂs patent-pending fuel cell technology, to commercialize and launch products, and to expand the companyÂs operations. "The high level of interest we received from venture capital funds and industry leaders is very gratifying because it provides strong evidence of our market leadership. Protonex has demonstrated fuel cell prototype systems and is focused on creating high-value products for specific applications. The addition of a world-class manufacturing partner, Parker Hannifin, further strengthens our position and will enable us to achieve economies of scale in a much shorter period of time."
ProtonexÂs high performance portable fuel cell systems are compact, lightweight and durable, and provide customers with a better solution than shorter term and/or heavier power sources such as batteries and generators. A soldier on a 3-day mission, for example, currently carries 13 primary batteries weighing over 29 pounds, whereas ProtonexÂs fuel cell system will provide the same amount of power while weighing less than 10 pounds (including all required fuel). In addition to its military efforts, Protonex also intends to adapt its product line to address a wide range of commercial applications.
Parker Hannifin Corporation sees its financial investment in Protonex as a natural extension of the existing strategic partnership between the companies. According to Akbar Naderi, Group Vice President, Parker Hannifin, ÂParker has been successfully working with Protonex on joint product development, engineering, design, manufacturing and sales initiatives related to fuel cell products. Together, Parker and Protonex helped Vectrix Corporation deliver the worldÂs first high-performance fuel cell/electric scooter, and are actively engaged in developing other products. We look forward to leveraging the strong synergies between ProtonexÂs fuel cell systems and ParkerÂs industry-leading component design and manufacturing technologies.Â
John Butt, Managing Partner, Conduit Ventures added, ÂAs a worldwide fund specifically focused on fuel cells, we understand this market, and it is clear to us that Protonex is well ahead of competition in its power range. Conduit and our fellow investors feel that this funding, combined with the companyÂs strong military traction, positions Protonex for long-term success.Â
About Protonex Technology Corporation - http://www.protonex.com
Established in 2000, Protonex manufactures high performance, long duration, portable and remote power systems. Protonex provides complete power solutions in the 10 to 500 Watt power range to OEM customers for off-grid applications underserved by existing battery, generator, solar and other power technologies. The companyÂs innovative fuel cell products also complement existing power technologies and are utilized in hybrid designs for customer applications.
About Parker Hannifin - http://www.parker.com
With annual sales exceeding $7 billion, Parker Hannifin (NYSE: PH) is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 48,000 people in 46 countries around the world.
For more information about Protonex, please contact:
Greg Cipriano, Vice President, Marketing and Military Development
Protonex Technology Corporation, 153 Northboro Road, Southborough, MA 01772-1034
Fax: (508) 490-8575