Protonex Increases Second Round Funding to $11 Million

Protonex Technology Corp. (Southborough, MA), a developer of fuel cell power solutions for portable and remote applications, announced that it has increased its previously announced second round of institutional funding from $9 million to $11 million. The additional $2 million in funding was provided by Venture Capital Fund of New England, Yellowstone Energy Ventures LP and Parker Hannifin Corp.; Parker Hannifin also participated in the initial $9 million round that closed on April 1, 2005.

Protonex CEO Scott Pearson stated, "Being oversubscribed for this round allowed us to be selective in choosing our new investment partners, all of whom bring more than money to Protonex." Pearson also announced that Parker Hannifin Group Vice President Akbar Naderi and Contango Capital Management Managing Director John Berger have joined the board of Protonex, bringing the total number of directors to seven.