French company Pragma Industries announced that it has raised nearly €412,000 ($589,000) to advance industrial applications for its hydrogen fuel cell technology. The company, which has focused on fuel cell development since 2004, announced that its investment came via three French-based venture capital companies, including Finaqui and Oséo Capital.
Pragma stated that the new capital is expected to help the company accelerate toward the final stage of developing its technology. The company’s aim is to deliver a hydrogen fuel cell capable of generating power ranges from 100W to 10kW by 2011.
Pragma states that it is studying polymer electrolyte membrane (PEM) fuel cells technology, which is typically used in hybrid and electric vehicles. A PEM fuel cell uses hydrogen fuel combined with oxygen to produce electricity.
