Lynntech Industries Secures Series A Equity Financing
Lynntech Industries Inc. (College Station, TX), a developer of fuel cell test solutions, announced that it has secured $5.5 million in series A equity financing. Chrysalix Energy Limited Partnership (Vancouver, BC) and Braemar Energy Ventures (New York, NY) led the investment with co-investor Altira (Denver, CO). The capital increase will be used to expand the company’s development capabilities and service/sales operations.
With the investment, Lynntech Industries is now positioned as the leading independent provider of test solutions in the fuel cell market – a key differentiator in an industry where confidentiality of information is essential. In conjunction with the financing, the company will be spun out from its parent organization, Lynntech Inc., to become an independent operation in which Lynntech Inc. becomes a minority shareholder with no role in operations or corporate governance.