Solid Hydrogen energy provider meets key fundraising goal to expand fuel production capacity and address growing demand
SAN FRANCISCO–(BUSINESS WIRE)–May 31, 2018–
Ardica Technologies, a leader in powerful, lightweight mobile energy solutions, has successfully completed its $15M Series D financing.
For more than a decade, Ardica and its commercial and government partners have worked tirelessly to produce scalable, cost-effective alane (aluminum hydride or AlH3), a solid powder composed of hydrogen and aluminum.
This latest financing round was funded by a select group of Ardica’s existing investors, including one of the largest family trusts in the United States, a private energy firm and several high-net worth individuals.
“We are increasingly dependent on an electrified world, yet our options for powering those devices hasn’t meaningfully improved in decades,” said Kristopher J. Lichter, Chief Executive Officer of Ardica. “For example, today’s military personnel are increasingly equipped with critical electronics that until now required large, heavy batteries that impacted the success of their missions. Soldiers need safe, reliable power on-demand, and they shouldn’t pay a weight penalty to have it. Alane is the answer.”
With its outstanding energy density, stability and safety, alane provides clean, flexible and exceptionally lightweight power when run through Ardica’s innovative fuel cell systems. This makes Ardica’s solutions ideal for a wide range of commercial and government applications. The company’s first power solutions are intended for the U.S. military, with commercial products also in development.
Ardica initiated the Series D financing to address its rapidly expanding engineering and manufacturing opportunities. With that financing’s successful conclusion, the company will accelerate its alane fuel synthesis and mass production efforts, invest in a broader number of commercial and military applications, and add key business and technical personnel to the team.
“We are extremely pleased to have reached this important financing and operations milestone,” Lichter said. “Our investors are deep believers in the potential for alane fuel and alane-based power generation to change the world, and are committed to ensuring Ardica has the growth capital it requires to commercialize these offerings.”
“Alane enables a whole new class of flexible power solutions to serve the world’s growing and demanding energy needs,” Lichter added.
About Ardica Technologies
Founded in 2004, Ardica Technologies is focused on creating novel, lightweight power solutions that dramatically extend the usage and utility of electric devices. The company employs a patented hydrogen-based fuel that is safe, clean and energy-rich, and can be used in any application, geography or environment. Ardica is based in San Francisco, CA.
For more information, please visit Ardica.com.
Marisa Shumway, 415-225-0904