£2 million funding round for Bac2’s FC technology

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 ‘ElectroPhen’.

The material is described by the company as a key enabler to the uptake and success of fuel cells as a future solution to clean energy needs and will help 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.

Bac2’s CEO, Mike Stannard, commented, “The 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.”

Jason Ball of London Seed Capital added, “Clean 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. What’s particularly exciting is that this material has the potential to make a real difference to the speed at which clean technologies are adopted.”

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.

Source: Fuel Cell Today