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Cella Energy Limited has received a new round of financing led by a $1 million investment by Space Florida. These funds are part of a larger equity raise by international institutions and other qualified individual investors that will support the development of four proof-of-concept projects for Cella's new safe, low-cost hydrogen storage technologies. The funds will also be used to expand operations and provide employment opportunities, both in the UK and in Florida.
Cella's ground breaking technology could lead to lower priced fuel at the pumps, but moreover could improve energy security in the European Union, the United States and throughout NATO.
Cella plans to develop its safe, low-cost hydrogen storage materials both at the UK Governments' prestigious Science and Technology Facilities Council's (STFC's) Rutherford Appleton Laboratory near Oxford, UK and in a new facility at the NASA Kennedy Space Center (KSC) in Florida, USA. The KSC location is expected to hire up to 10 new employees by the end of 2011.
Over 30 years NASA-KSC has become one of the largest users of hydrogen, and has built up unique expertise in this area. Cella's technology allows hydrogen to be stored without high-pressure tanks and other potential safety hazards normally involved with hydrogen gas.
Hydrogen, which produces only pure water when burned, is considered an ideal solution to cutting carbon emissions from road vehicles, which cause 25 percent of the carbon release in developed countries like the USA and UK. Until Cella's solution, hydrogen storage has not been consumer friendly.
Initial funding for Cella came from Thomas Swan & Co Ltd, a specialist UK chemical company established in 1926.
"To be announcing a second round of investment so soon after Cella Energy was formed is testament to the confidence investors have in our technology" said Stephen Voller, CEO of Cella Energy Limited.
"As the world population grows, so will our demand for energy. Hydrogen provides a way of helping to meet this demand for more energy but without increasing harmful emissions".
"This is a great example of international cooperation to overcome some of the most serious challenges that face mankind today" said Cella's Chief Scientific Officer, Professor Stephen Bennington.
Cella's Board is being strengthened with the appointment of Charles Resnick, who has more than 25 years experience in venture capital and general management. In addition, Ms. Janet Petro, KSC Assistant Center Director, will join the Cella Board as an executive observer.
"Space Florida is very excited about our investment into Cella, and we look forward to bringing this new technology to KSC," said Space Florida President Frank DiBello. "Companies like Cella are leading the way in keeping Florida a driving force in alternative energy. We will continue leveraging our financing relationships to help companies like Cella succeed."
The technology that Cella is developing arose from research done at the STFC, University College London and Oxford University.
Simon Robeson, a partner at CoreTec Ventures, advised Cella Energy on this investment round. www.coretecventures.com
About Cella Energy
Cella Energy Limited has unique patented technology in safe, low-cost hydrogen storage materials. Cella is a spin-out company from the Rutherford Appleton Laboratory RAL at Harwell, Oxford, UK. RAL is a UK Government facility, and if in the US would be equivalent to Argonne National Labs. The lead investor in the Company is Space Florida, Space Florida is an Independent Special District of the State of Florida, created by Chapter 331, Part II, Florida Statutes, for the purposes of fostering the growth and development of a sustainable and world-leading space industry in Florida. Cella has a facility at RAL, and also a facility at the NASA Kennedy Space Centre in Florida.
About Space Florida
Space Florida was created to strengthen Florida’s position as the global leader in aerospace research, investment, exploration and commerce. As the State of Florida’s aerospace economic development organization, we are committed to tripling the size of Florida’s aerospace-related economy by 2020. With its highly trained workforce, proven infrastructure and unparalleled record of achievement, Florida is the ideal location for aerospace businesses to thrive – and Space Florida is the perfect partner to help them succeed. www.spaceflorida.gov.
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Professor Stephen Bennington
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Tina Lange, APR
Space Florida Communications
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