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Investment to Fuel U.S. Manufacturing Expansion, Drive Micro Fuel Cell System Design Developments, Field Readiness
UltraCell Corporation, a leading producer of fuel cells for mobile power applications, today announced $3.8 million in new funding.
UltraCell will use the new capital to scale manufacturing at the company's facility in Dayton, Ohio -- the first and only volume-production micro fuel cell facility in North America -- and expand sales, marketing and field trial testing of its flagship product, the UltraCell XX25™ portable fuel cell. Recognized as the first commercial fuel cell system to be authorized by the U.S. Military for portable devices, the XX25 is designed to run a ruggedized laptop computer for up to eight hours on a single 250cc fuel cell cartridge. The system can also be configured for weeks of runtime in stationary applications such as remote video monitoring, surveillance and communications equipment.
The round of new funding was led by existing investors BASF Venture Capital GmbH, OnPoint Technologies, Espirito Santo Ventures (ES Ventures) and Miami Valley Venture Fund. To date, UltraCell has attracted $30 million in investment since it was founded in 2002.
"Over the past year we have seen an increase in field use of our XX25 product and success in building our products in our Dayton facility," said UltraCell CEO Keith Scott. "Our founding vision was to bring fuel cells out of the labs and into mass manufacturing -- and we're thrilled to be succeeding in this goal. This new funding will help us expand our market presence significantly, and enable us to respond even more quickly to increased market demands."
"UltraCell has impressed BASF, pushing the boundaries of next-generation power in innovative ways," said Keith Gillard, Principal, BASF Venture Capital America, Inc. "UltraCell is the premiere example of fuel cell technology realizing new markets by enabling new products, rather than mere incremental improvement over incumbent technologies. Increased market penetration and proven manufacturing capabilities distinguish UltraCell in the fuel cell industry."
UltraCell is a leading producer of fuel cell systems for mobile devices. With an exclusive license with Lawrence Livermore National Laboratories for micro fuel cell technology, the company has developed new technologies and intellectual property in the field of methanol-based fuel cells. Its patented, award-winning portable fuel cell, the XX25™, achieved Technology Readiness Level (TRL) 7 status, a significant U.S. Army milestone and certification for military use and commercial production.
About BASF Venture Capital GmbH
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF Future Business GmbH, Ludwigshafen, Germany and participates in start-up companies and funds. In doing so, it focuses on companies with innovative business models and technologies in which chemistry is an important key to success. Additional information is available at www.basf.com.
About OnPoint Technologies
OnPoint Technologies is a strategic venture investor with a mission to discover, invest in and support companies at the intersection of Army and commercial marketing needs. OnPoint is funded by the U.S. Army and acts as a bridge between the Army and the innovation community (entrepreneurs, established companies, universities, researchers, and venture capitalists). For more information, please visit www.onpoint.us.
About Espirito Santo Ventures (ES Ventures)
Espirito Santo Ventures (ES Ventures) is a venture capital firm of Espirito Santo Group, providing equity financing, management support and market expertise to promising companies with talented and ambitious entrepreneurs who have developed innovative products, services and business models. For more information, visit www.es-ventures.com.
About Miami Valley Venture Fund II (MVVF II)
Miami Valley Venture Fund II (MVVF II) is a geographically targeted early- and growth-stage fund investing in companies located in the 12-county region surrounding Dayton, Ohio. The Fund is one of three funds managed by the Dayton Development Coalition, its General Partner, and River Cities Capital, its Investment Manager. The Coalition is a collaborative effort of private and public sector organizations and individuals focused on the attraction and growth of technology companies in the Dayton Region, with a primary emphasis on emerging technologies in aerospace, information technology/data management, advanced materials and human sciences.
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