Persephone’s CEO and Managing Partner, Jay Lifton stated that “Persephone’s goal with the acquisition of Cella is to produce a hydrogen based rechargeable clean energy source for transportation, aviation and other portable energy requirements."
(PRWEB) June 13, 2014
Persephone Capital Partners, LLC (“Persephone”) today announced the acquisition of Cella Energy ("Cella") by a consortium of investors led by Persephone. Cella Energy is an advanced materials and technologies company with first mover advantage in safe, low-pressure and low-cost hydrogen storage technology. Cella has patented a lightweight hydrogen storage material capable of releasing three times the energy per Kg compared to lithium-ion batteries. Cella Energy is located in Oxford, UK at the Rutherford Appleton Laboratory and the Space Life Sciences Laboratory at the NASA Kennedy Space Center in Florida, USA.
Persephone’s CEO and Managing Partner, Jay Lifton stated that “Persephone’s goal with the acquisition of Cella is to produce a hydrogen based rechargeable clean energy source for transportation, aviation and other portable energy requirements. The future of clean and more efficient energy is closer than most would believe.”
Persephone will provide management services to Cella with Persephone’s Alex Sorokin serving as CEO of the company. Mr. Sorokin has an extensive history in alternative energy and recently served as CEO or ENER1, a lithium ion battery developer and manufacturer. Mr. Sorokin said, "Cella already has an unmanned aircraft using its fuel and in the near term will focus on the lithium ion battery replacement market but the goal is to produce flow-able pellets to revolutionize transportation and energy supply for all vehicles. Stephen Bennington, who is the driving force behind the technology and Cella's development, will continue as President and Chief Science Officer. Mr. Bennington stated that he was looking forward to working with Persephone and believes that the stability, expertise and access to funding that this acquisition will provide, will accelerate the commercialization of the technology.
Persephone Capital Partners is a private equity firm specializing in business model re-alignment, new ventures, strategic alliances, turnarounds, and recapitalization of middle market companies. The firm seeks to invest in companies with disruptive technologies moving from development to commercial growth. The firm typically invests in alternative energy, healthcare, mobile software, government, and defense services related industries. Persephone seeks to take a controlling stake and provide management services to its portfolio companies. Persephone Capital Partners is based in the United States.
ADVISORS AND COUNSEL
Axiom Capital acted as financial advisors in connection with the transaction. Whalen LLC and Taylor Wessing LLP acted as legal advisors.
AXIOM CAPITAL MANAGEMENT, INC.
Axiom Capital Management, Inc. (“Axiom”) acted as financial advisors in connection with the transaction. Axiom is a diversified institutional financial services firm founded in 1990. The firm provides a wide range of financial services to a significant and diversified client base that includes institutional investors, corporations and high-net-worth investors. The business divisions include Research, Fixed Income, Global Equity and Listed Derivative Trading, Investment Banking, Prime Brokerage and Wealth Management. Axiom is headquartered in New York with offices in Austin, TX and Mt. Kisco, NY. Axiom Capital Management, Inc. is a member of FINRA, NFA and SIPC.