Record-breaking £2 million round by the London Business Angels for Bac2's ground-breaking fuel cell technology
Southampton, UK, November 26, 2007: Fuel cell materials company Bac2 has raised £2 million of private funding from London Business Angels, enabling the company to commercialise and take to market its ground-breaking conductive polymer ëElectroPhení. The material is a key enabler to the uptake and success of fuel cells as a future solution to clean energy needs and will propel the commercialisation of fuel cell technology. The investment is testament to the success of the business after raising £500,000 seed investment in May 2006 and an earlier £250,000 UK Department of Trade and Industry (DTI) grant.
The latest funding round was led by London Seed Capital and London Business Angels who supported the continuing success of their original investment in 2006 raising £2 million for this round. The investment is the largest ever Business Angel investment in the 25 year history of the London network.
Bac2ís CEO, Mike Stannard, commented, ìThe fact that we have been able to secure so much investment, primarily from private individuals, demonstrates the progress we have made since the company was set up in 2005. We now understand how the unique properties of ElectroPhen can be most effectively commercialised, initially in the fuel cell markets and in other electrical and electronics applications.î
Jason Ball of London Seed Capital added, ìClean technology is one of the most exciting opportunities for investors today. Bac2 has turned its vision of ElectroPhen as a fuel cell material into reality and is already sampling bipolar plates around the world. Whatís particularly exciting is that this material has the potential to make a real difference to the speed at which clean technologies are adopted.î
Bac2 is planning to announce its first standard product shortly and is planning a number of new opportunities for ElectroPhen, including its use in plastic/printed electronic components and circuits.
Photo caption: Bac2ís ElectroPhen bipolar plates for PEM fuel cells.