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H2scan, a Valencia, Calif.-based maker of hydrogen sensing devices, has received $4 million in fourth round funding from Chrysalix Energy Venture Capital, H5 Capital, Tri-Strip Associates, TGB Partners and Ravinia Venture Fund. Members of the Tech Coast and Pasadena Angels also joined the round; all but TGB Partners are returning investors.
H2scan will use the proceeds to expand its R&D, production and sales and marketing operations and to purchase additional equipment. The company is leveraging its technology to gain a foothold in both domestic and overseas markets, with an eye to the growing fuel cell industry.
Its hydrogen specific sensing systems, whose underlying solid-state technology was developed at the U.S. DOE Sandia National Laboratory, can accurately detect small concentrations of hydrogen over a range of temperatures without cross-sensitivities to other gases.
One of its key investors, Chrysalix Energy Venture Capital, was formed in 2001 by Shell Hydrogen, Duke Energy and Ballard Power Systems, which is a major developer of hydrogen fuel cells. Its portfolio includes several hydrogen fuel cell startups and other renewable energy firms.
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