P21 GmbH (Power for the 21st Century), a developer of polymer electrolyte membrane (PEM) fuel cell systems and related components, announced the conclusion its first round of institutional financing in the amount of €6 million. The investment comes from an international consortium of renowned venture capital investors.
The lead investor is Conduit Ventures Ltd. (London) who specializes in investments in the sector of fuel cells and hydrogen technology. In 2002, P21 had already secured its seed financing in the amount of €1.3 million from a private investor.
P21 plans to use the inflow of capital to launch its fuel cell system for emergency power supplies in the uninterruptible power supply (UPS) market, especially for mobile communication base stations, which used to get emergency power exclusively from battery and generator solutions.
