Metallic Power Raises $13.5M in Funding Round

May 27, 2003 by Jeff Shepard

Metallic Power Inc. (Carlsbad, CA), a leading developer of zinc regenerative fuel cells, announced that it has closed its fourth round of venture capital funding, with $13.5 million in new investment and two new investors: CDP Capital – Technology Ventures and Norsk Hydro Technology Ventures. Metallic Power will use the new capital to commercialize its zinc regenerative fuel cells.

All of the company’s major current investors participated in the round, including Aretê Corp.; the Beacon Group Energy Investment Fund II LP; Cinergy Ventures LLC, the venture capital arm of Cinergy Corp.; Teck Cominco Ltd.; Hydro-Québec CapiTech; MP Investments Inc.; Nth Power; and Perseus LLC.

"Despite a very difficult environment for venture funding, we were able to attract new lead investors and oversubscribe the financing round," stated Jeffrey Colborn, CEO and chairman of Metallic Power. "We are also pleased to have attracted CDP Technologies and Norsk Hydro, and to have received the continuing vote of confidence from our existing institutional investors, all of whom reinvested in this round."