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Fuel cells are an emerging and highly efficient energy conversion technology, with a wide variety of applications including consumer electronics, remote and distributed power applications, as well as automotive and mobile applications. FlowCath™ will enable fuel cell systems – in laptops for instance - to operate up to five times longer than is currently possible, at a materially reduced cost and can be applied to a wide range of fuel cells. This dramatic cost reduction is achieved through ACAL Energy’s radical approach which entirely removes the need for the precious metals currently used in the cathode and has the potential to significantly improve the cell’s power density.
A recent Fuel Cell Today report indicated strong consumer pull for power devices such as fuel cells with longer lifetimes and higher efficiencies than that provided by traditional batteries. The advantage of the FlowCath™ technology lies in the fact that as a component, it can be used by a wide range of fuel cell developers and partners, enabling them to reduce their costs and get to market sooner.
Dr Andrew Creeth the technical founder of ACAL Energy Ltd with over 15 years R&D experience at a large research driven multinational, has brought his extensive expertise in surface and redox chemistry to addressing the key problems faced by the cathode component of a fuel cell. Following this investment, Bob Pettigrew is joining the Board as non-executive Chairman, and James Wilkie as a non-executive director. Bob Pettigrew is a co-founder of Generics and has over 20 years experience in the development of emerging businesses, whilst James Wilkie is a former Development Director of Johnson Matthey Fuel cells.
Jonathan Bryers, Investment Partner at CT Investment Partners LLP, the venture capital commercial arm of the Carbon Trust said:
“Following our two previous successful fuel cell investments in Ceres Power Ltd and CMR Fuel Cells Ltd, we are delighted to have led this investment round into Acal Energy Ltd, and to back what we believe is a highly innovative and effective solution to the two key issues facing the fuel cell sector: reduced cost and improved power density” .
Mark Wyatt, Investment Director at the RSGF said:
“I am pleased ACAL has attracted both a knowledgeable syndicate of investors, and two high calibre non executives. This is a strong endorsement of the progress the business has made since its inception. This fundraising will enable ACAL to further develop its FlowCath™ technology, and I look forward to the continuing growth of this exciting business”.
Gerry White of NorthStar Equity Investors said:
“Acal’s success has potential to bring great benefits to the North East, through its close links and development contracts with the University of Newcastle and the fuel cells application centre at the Centre for Process Industries in Wilton, Teesside. We’re committed to financing entrepreneurial businesses like ACAL that help enrich the knowledge economy of our region.”
"This investment marks an exciting time for Synergis Technologies and we are very pleased to be working with Acal Energy and our investment partners," stated Terry Swainbank, Investment Director, Synergis Technologies. "The technology here is truly unique and important if there is to be a viable future for fuel cells."
Dr Andrew Creeth, founder of ACAL Energy Ltd, commented:
“ We have to date demonstrated in our laboratory based systems that our technology has the potential to deliver a huge benefit to both hydrogen and methanol powered fuel cells; with this investment and the support of Bob and James we will be able to take FlowCath™ and our company to the next exciting stage of development.
ACAL Energy has previously received £420k in seed financing from the Rising Stars Growth Fund Limited Partnership, and is a graduate from the Carbon Trust incubator programme.
The Carbon Trust incubator programme was launched in April 2004 to bring low carbon technologies to market. Since then it has supported over 40 companies with promising low carbon technologies.
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