Cameron quest for green energy finds fuel-cell innovators Bac2 at the University of Southampton
Southampton, UK, July 13, 2006: In a visit to the University of Southampton last week (July 6) to look at alternative energy technologies, UK Conservative party leader David Cameron met with Bac2, the newly-funded technology start-up company that manufactures fuel cell components using its patented ElectroPhen material. The components, called bipolar plates, make up to 70% of the weight and 30% of the cost of a typical Polymer Electrolyte Membrane (PEM) fuel cell stack. Making them from ElectroPhen promises cost savings without compromising performance, and the material is more rugged than other composites used in this application. As a result, Bac2 is at the forefront of making environmentally clean fuel cells ñ their only waste product is water - commercially viable. Mr. Cameron expressed interest in the fact that Bac2 is the only company to manufacture composite bipolar plates in the UK.
In May this year Bac2 received £500,000 seed corn investment for the continued development of ElectroPhen. The investment round was lead by London Seed Capital in conjunction with the London Business Angel Network and the LBA EIS Tracker Fund III. Further angel investors were introduced to Bac2 by South East Capital Alliance (SECA), managed by Finance South East, Wessex Ventures, James Cowper Chartered Accountants and the University of Southampton Alumni Fund.
This investment is in addition to a DTI grant of £240,000 awarded to a six-member consortium, lead by Bac2, to optimise ElectroPhen for use in fuel cell components.