CMR Fuel Cells Completes Series-B Funding Round
CMR Fuel Cells Ltd. (Cambridge, MA) reported that it has completed a series-B funding round from a syndicate of institutional and individual investors. The amount of funds was not made public, but it will be used to strengthen and accelerate CMR’s technical and commercial development.
Conduit Ventures Ltd. Principal Daniel Carter, who led the round, stated, "CMR Fuel Cells stands out as having all the ingredients – excellent technology, world-class team, and strong market demand. CMR’s ability to deliver low-cost, long-runtime fuel cells is set to trigger the widespread adoption of portable fuel cells that has been awaited for so long."
CMR is currently developing fuel cell stacks for use in applications such as battery chargers, auxiliary power units, laptops, power tools, robotic devices, portable generators, and portable military applications.