24-May-2011

The North West Fund for Energy and Environmental joins our investors

ACAL Energy Limited (“ACAL Energy”), is pleased to annnouce securing £400,000 investment funding from The North West Fund for Energy and Environmental (“NWF4E&E”).

The NWF4E&E is managed by CT Investment Partners LLP (“CTIP”), one of the UK’s most active early stage investors in the energy and environmental sector. The investment is CTIP’s maiden investment from the £20 million that comprises NWF4E&E.

The funding will be used alongside the other recently annnounced investments such as the one from I2BF to support the ongoing development of FlowCath® in applications, such as off-grid power for telecommunications and automotive power trains.

CTIP has managed NWF4E&E since its inception in December 2010. The £20 million Fund is part of the £185 million JEREMIE fund, provided by the European Investment Bank (EIB) and European Regional Development Fund (ERDF), to supply debt and equity funding to small and medium sized enterprises in the North West of England.

Adam Workman, partner at CT Investment Partners, said: “Collaborative funding is essential in the capital-intensive clean technology industry and this investment in ACAL Energy is no different. With significant financial backing and management support, ACAL Energy is now working towards commercialisation of its fuel cell technology which will radically improve the reliability and cost effectiveness of fuel cells.

Dr SB Cha, chief executive officer at ACAL Energy, said: “We are very grateful to be the first investment from The North West Fund for Energy and Environmental. The funds will help ACAL Energy commercialize our technology, beginning with stationary power applications and eventually entering automotive, and deliver substantial reductions in CO2 emissions while at the same time helping build the North West region into a center for low carbon industries.”

Andy Leach, CEO of North West Business Finance, said: “The energy and environmental sector is a key area of growth for the North West economy and ACAL Energy is a great example of a quality company in the region that needs a funding boost to unlock growth. I am delighted to see that CTIP has completed its first investment from NWF4E&E and look forward to see further investments.”

David Malpass, Director of European Programme, ERDF said: “The past decade has seen huge growth in the energy and environmental sector and it is important the region capitalises on the opportunities this important sector presents. I am delighted with this investment, which will boost economic development, create jobs and strengthen the regional supply chain.”