Massachusetts-Based CTP Hydrogen Closes Its Doors

Massachusetts-based fuel cell technology developer CTP Hydrogen Inc. has closed its doors.  In August, the Westborough-based company laid off most of its 10-person staff.  Presiden Scott Rackey and one other employee are setting up an auction of the company’s intellectual property, slated for later this month.

CTP Hydrogen, which had spun off from neighboring CellTech Power LLC in 2005, raised more than $4 million over the course of three years, but over the past year has been unable to secure additional venture capital investment.

CTP Hydrogen’s technology aims to covert “dirty fuels” such as propane or military JP-8 into pure hydrogen for use in fuel cells. The company targeted a variety of applications, including portable and emergency power scenarios. However, while the company had announced several successful tests and had landed a Small Business Innovation Research grant from the U.S. Navy, it never announced any large customers.

Early investors in the company included the Massachusetts Green Energy Fund and Commons Capital, also in Massachusetts, and Japanese conglomerate Sumitomo Corp.

http://www.masshightech.com/stories/2008/10/06/weekly16-Fuel-cell-startup-CTP-runs-out-of-gas-.html

Source: Fuel Cell Today