Avista Corp. subsidiary ReliOn Inc. (Spokane, WA), a provider of high-reliability fuel cell solutions for backup power applications, announced that it raised has $25 million in capital to market and sell the fuel cells it has been developing, which create electricity by using hydrogen and oxygen to form a reaction.
"This funding will enable us to increase our engineering, sales and marketing resources and move at a faster pace in the commercialization of our fuel cells," said ReliOn President and Chief Executive John Werderman.
The round of financing was the company's second. The company has raised $37.5 million to date. It has also filled out the management team, including a new chief executive, vice president of marketing, chief financial officer and vice president of engineering. The company has also installed 125 of its latest fuel cells to be used in backup power systems in various industries, including such industries as telecommunications, utilities and government.
