PolyFuel Inc. (Menlo Park, CA), a provider of direct methanol fuel cell (DMFC) technology for portable devices and laptop computers, announced that it has closed an $18.4 million, third round of funding, bringing total investment in the five-year-old startup to approximately $40 million. The proceeds from this round are expected to enable PolyFuel to support its customers through their initial test market phases and into early stages of commercial production.
"The fuel cell industry is just emerging," PolyFuel President and CEO Jim Balcom. "Our company is not only focused on bringing the world’s best fuel cell membrane technology into the market, but also on working within the industry to help lead the technology development and market evolution."
