BASF to Invest in ZOXY Energy Fuel Cell Technology
BASF Venture Capital GmbH (Ludwigshafen, Germany) is providing Euro 2.5 million to become the lead investor in ZOXY Energy Systems AG (Germany), a manufacturer of rechargeable fuel cells. ZOXY produces, markets and sells electrically rechargeable zinc-air fuel cells. ZOXY has plans to use the new energy sources to drive motor scooters, wheelchairs or mobile cleaning units. Other potential uses include systems to supply uninterrupted current, and as portable power sources for outdoors and leisure activities.
"BASF is not just providing the company with capital, but can also offer ZOXY its expertise, for example, in the area of electrocatalysts," said Dirk Nachtigal, managing director of BASF Venture Capital.
"We want to post a profit in 2003," said Dieter Brächtken, chairman of ZOXY Energy Systems AG. "Our production and marketing strategy and the possibility of issuing licenses, give us a great degree of flexibility and allow us to respond quickly to market impulses."