Update for April 28: The total amount taken by ReliOn for this round came to $23 million, according to John Cook. Additional funding was provided by PCG Clean Energy & Technology Fund and Robeco Clean Tech Private Equity.
Original post from March 31: ReliOn, a Spokane-based fuel cell maker that helps provide backup power for communications companies and air traffic control towers, has taken over $17 million in a round that will likely be the company’s last, according to its CEO.
The company was reported to have taken $16.9 million by the Seattle PI last Friday. It later said that the funding disclosed by the PI didn’t include new overseas investors, who provided a further, undisclosed amount. ReliOn’s US investors include Oak Investment Partners, Enterprise Partners Venture Capital, Wall Street Technology Partners, and Chrysalix Energy
ReliOn is among the few fuel cell makers actively making sales and growing its business, in part due to government regulations requiring longer-lasting backup power at telecommunications towers. ReliOn’s cells, capable of delivering from 100 watts to 6 kilowatts, have proven useful for that purpose.
The company is based in Spokane, Washington, and has taken over $62 million to date.
One Comment
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Albert K. said:
It is interesting to see the growth in Hydrogen Fuel Cells and Solar Energy in our economy right now, especially with the recent surge of fuel cost. I am curious to see how the telecommunications industry is going to grow with ReliOn. I also wonder whether they are going to try to integrate this more into vehicles and aerospace as well.
One of the initiatives that the automotive/aerospace industry is undergoing is also weight reduction. By converting metals to materials such as plastics, the weight of vehicles and airplanes are dropping about 5-30%, which accounts to significant savings in fuel. One interesting fact is that every pound of weight reduced on an airplane correlates to $15,000/year in savings. The aerospace industry is also looking at integrating Fuel Cells right now to try to reduce fuel consumption. I’m interested to see what the next steps and progressions are.
-Albert
2 Trackbacks
4:06 pm
Cleantech Funding Roundup: 5 Startups Bring In Over $50 Million « Earth2Tech said:
[...] ReliOn: Fuel cell funding is all the rage, apparently. ReliOn, a Spokane, Wash.-based maker of fuel cells as backup power for industries like telecom and utilities said it has raised $17 million from existing investors, including Oak Investment Partners, Enterprise Partners Venture Capital, Wall Street Technology Partners and Chrysalix Energy. — Seattle PI and VentureBeat. [...]
9:05 pm
ReliOn raises over $17M for hydrogen <b>fuel cells</b> | Hydrogen Fuel Cell . Net said:
[...] ReliOn, a Spokane-based fuel cell maker that helps provide backup power for communications companies and air traffic control towers, has taken over $17 million in a round that will likely be the company’s last, according to its CEO. … Read More [...]