ReliOn Secures Additional Funding from Investors
ReliOn announced that it has secured an additional U.S. $6 million in equity financing with existing investors. ReliOn now has over 3.5 MW of its fuel cell systems, representing approximately 1,225 customer sites globally, providing clean and reliable backup power based on its proprietary fuel cell technology. The proceeds of this financing will be used to continue commercial growth in the U.S. and to expand international marketing and sales activities.
ReliOn is currently engaged in two significant programs with large wireless operators in North America and is pursuing growth in Europe through ReliOn’s recently announced collaboration with HOPPECKE Batterien GmbH. ReliOn’s success in providing turn-key long run-time solutions, supported by bulk refueling capabilities in North America, is enabling opportunities in Europe, Asia and other international markets.
ReliOn CEO, Gary Flood, stated, "This is an exciting time for ReliOn. In 2010, we experienced year over year tripling of both sales and gross profit as a percentage of sales. With this funding, we are able to accelerate a number of important programs currently underway which move the company toward our objective of becoming the first profitable fuel cell company."