25-Feb-2009

ACAL Energy Raises a further $500,000

Innovative technology enables low cost, highly reliable PEM fuel cells
ACAL Energy Ltd. has today announced the completion of an additional $500,000 of investment from Sumitomo Corporation to add to the previously announced £3.3M fundraising round completed at the beginning of December. As previously reported all funds raised will be used to take the company to the next stage of development of their ground breaking low cost fuel cell systems, based on its novel platinum-free cathode technology (FlowCath®). This extra funding provides additional resources to enable ACAL to introduce a 1KW demonstration system in 2009, as well as providing access via Sumitomo Corporation extensive contacts in Japan.

Chief Executive Officer, Dr SB Cha said, “This additional funding on the back of our previous investment round will give our development plans a real boost. It is also hugely beneficial to the company to have access to such a breadth of contacts which will accelerate our plans to introduce FlowCath® to potential commercial partners”