INI Power Systems Closes Series B Equity Financing to Develop Methanol Fuel Cells
INI Power Systems, Inc. (INI) announced the successful conclusion of its Series B round of financing that will support product development and the further commercialization of the company’s technology. The $4.0 million Series B equity financing was led by MHI Energy Partners and a series of private investors. The additional capital will target the development of the company’s patented laminar flow micro-fuel cells along three product lines: lightweight military applications, consumer/industry portable power and consumer electronics.
"This event marks INI’s transition from R&D validation phase to one of product development and technology commercialization," said Larry Markoski, Founder and CTO of the company.
Supporting this move toward a commercial focus are the addition of three scientists and a relocation of company’s facility to Southport Park in Morrisville, North Carolina. Joining the company are Norbert Richter, Mechanical Engineer; Mike Riley, Senior Systems Engineer, and Steve Watts, Principal Scientist. Closely synchronized with the funding event will be the completion and delivery of a 20 Watt Soldier Portable Power Pack (SP3) unit to the Army’s Communication and Electronics Research Development and Engineering Center (CERDEC).
"The SP3 unit represents the culmination of an extensive development effort that brings together all the elements of a power system into a lightweight and compact portable power unit" said Dr. Anthony Atti, VP Business Development. "The 20 watt power unit embodies significant advancements in miniaturization, operation and performance associated with the fuel cell stack, the balance of plant and control system electronics."