Business Weekly - Cambridge, UK
Archive Environmental Archive Fuel cells company raises millions | Fuel cells company raises millions |
| Written by Business Weekly | |
| Monday, 18 July 2005 | |
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CMR Fuel Cells, the renewable energy innovator that spun out of the Generics Group in 2003, has completed a Series B financing.
CMR Fuel Cells, the renewable energy innovator that spun out of the Generics Group in 2003, has completed a Series B financing. Generics has invested £250,000 in the round and maintains a 16.4 per cent equity stake in CMR post the financing. The total amount remains undisclosed but is thought to be around £5m. The funds will be used to strengthen and accelerate CMR’s technical and commercial development and is seen as a major step forward in CMR’s mission to make mass-market fuel cells commercially viable for the first time. Its world-leading technology is aimed to give OEMs and manufacturers the option to integrate cost effective, long running and energy efficient fuel cell solutions into a wide range of consumer electronic products. Co-investors in the round included Herald Ventures II acting through its general partner and manager Herald G.P. II Ltd, and repeat investors, Conduit Ventures and the Carbon Trust.
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