Conduit Ventures Invests in CMR Fuel Cells
Conduit Ventures Ltd. (UK), an energy technology venture capital firm specializing in fuel cells and related hydrogen technologies, announced that it has led a Series A venture capital investment in CMR Fuel Cells Ltd. (Cambridge, MA). The investment is the latest for the Conduit Ventures Fund. The co-investor was Carbon Trust Investments Ltd. The Generics Group remains a significant minority shareholder in CMR Fuel Cells.
The CMR patented design architecture aims to make fuel cells 10 times smaller and more powerful and up to 80% cheaper than competing products, thereby overcoming the key hurdles delaying mass-market global sales. Whereas current fuel cells are complex, tightly toleranced stacks of individual multi-component cells with precious metal catalysts, CMR delivers a radical architecture simplification and a robust porous "solid state" stack with dramatically fewer and cheaper components. CMR is 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.