Protonex Raises $9 Million in Second Round Funding

April 04, 2005 by Jeff Shepard

Protonex Technology Corp. (Southborough, MA), a developer of fuel cell power solutions for portable and remote applications, announced that it has raised $9 million in a second round of institutional funding. The financing was led by existing investors Conduit Ventures Ltd., SAS Investors, Solstice Capital and Commons Capital. New investors are Parker Hannifin Corp., Contango Capital Management and the Massachusetts Green Energy Fund. The funds will be used to further develop Protonex's patent-pending fuel cell technology, to commercialize and launch products, and to expand the company's operations.

Protonex CEO Scott Pearson, stated, "The high level of interest we received from venture capital funds and industry leaders is very gratifying because it provides strong evidence of our market leadership. Protonex has demonstrated fuel cell prototype systems and is focused on creating high-value products for specific applications. The addition of a world-class manufacturing partner, Parker Hannifin, further strengthens our position and will enable us to achieve economies of scale in a much shorter period of time."

Protonex's portable fuel cell systems are compact, lightweight and durable, and provide customers with a better solution than shorter-term and/or heavier power sources such as batteries and generators. A soldier on a three-day mission, for example, currently carries 13 primary batteries weighing over 29 lbs, whereas Protonex's fuel cell system will provide the same amount of power while weighing less than 10 lbs, including all required fuel. In addition to its military efforts, Protonex also intends to adapt its product line to address a wide range of commercial applications.