INI Power Sytems raises $4M for methanol-powered fuel cell

Morrisville, N.C.’s INI Power Systems, a developer of methanol-powered fuel cells, said it has raised a $4 million second round of financing .

The round was led by MHI Energy Partners (Calgary, Louisville, Toronto and NYC) and other private
investors.

From the statement:

The additional capital will target the development of the company’s patented laminar flow micro-fuel cells along three product lines: lightweight military applications, consumer/industry portable power and consumer electronics.

The company raised $3 million three years ago from MHI and Illinois Ventures.

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Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.

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