SFC Smart Fuel Cell Closes Deal with Investors

November 11, 2003 by Jeff Shepard

SFC Smart Fuel Cell AG (Munich, Germany) announced that it has successfully closed its second financing round in the third quarter 2003, after more than three years of fuel cell product development. 3i and Pricap Venture Partners, who had already invested in the first round, and a new international strategic partner invested in SFC Smart Fuel Cell. Combined with further financial resources, SFC has more than EUR 12 million available for further growth. SFC will use the new capital for further product development as well as for financing market entry of the existing product line of fuel cell systems.

Manfred Stefener, founder and CEO of SFC, stated, "We are happy to have reached this important milestone by closing the financing round. Our investors provide sufficient capital resources and an excellent global network, which will further accelerate our growth. The collaboration with Morgan Stanley, who assisted us in the financing process, was extremely fruitful as we had the freedom to chose the best of several great opportunities."