Avista Labs Corp. (Spokane, WA), a leading provider of reliability-based fuel cell solutions for premium backup power, has secured US$7.5 million in its first round of independent financing. The financing syndicate, led by Chrysalix Energy LP (Vancouver, BC, Canada) includes Wall Street Technology Partners (New York), and Buerk Craig Victor LLC (Seattle, WA).
The financing will provide the necessary capital to support Avista Labs' continuing development and commercialization of its proprietary line of fuel cell products, which are currently being sold and installed in commercial applications. Cascadia Capital LLC acted as advisor to Avista Labs on the financing round. Former parent company, Avista Corp., will retain 19.9% ownership of the new entity, AVLB Inc., which will continue to do business under the name Avista Labs.
