Protonex Receives First Round Venture Funding for Portable Fuel Cell
Southborough-based Protonex Technology Corp. has received an undisclosed amount of early stage financing, which the company says it will use to further develop its portable fuel cell technology for commercial applications.
The financing was led by Conduit Ventures Ltd. with co-investors SAS Investors, Solstice Capital and Commons Capital.
As a result of the funding, George Abraham, partner of SAS Investors and John Butt, partner of Conduit Ventures, joined the board of directors with current board members Paul Osenar and Norman Strate of Protonex.
Protonex has been working with the military since 2000 to develop a portable, long-duration power solution for portable applications. Weighing less than 5 pounds with fuel, Protonex products offer advantages over conventional batteries such as increased operating times and fast refueling in the field.
“We are broadening our product line to accommodate a wide spectrum of military, industrial, commercial and government applications,” said Strate, CEO of Protonex, in a statement. “These markets can now benefit from the programs advanced by the military to obtain leading edge, affordable, long duration portable power.”
While the amount of the funding was not released, Protonex officials said in 2001 that they would eventually be looking for a first round of funding in the $10 million range.
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