Jiri Nor, president and CEO of Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, announced that the company has engaged First Energy Advisors Inc. to raise $10 million in stages to pursue commercialization of its newest fuel cell system, the POWERSTACK MC250.
Affiliates of First Energy Advisors already have invested more than $500,000 in Astris over the past six months, which have been used toward the prototyping and testing of the MC250. As this new funding is made available, it will be used to bring the company's MC250 fuel cell into pilot production. The prototype system, developed by Astris' Benesov, Czech Republic subsidiary, has successfully completed an exhaustive testing protocol at Mississauga headquarters and is ready for commercialization.
