UK-based fuel cell developer Acal Energy has raised £3.25m ($5.2m) in its latest round of venture funding, with participation from existing investors including clean tech asset management group I2BF and SC Green Tech Ventures, an investment arm of Sumitomo Corporation.
Other investors include the North West Fund for Energy and Environmental and the PFCC2, both of which are managed by CT Investment Partners.
The latest round brings Acal’s total venture funding to £13.65m ($21.85m), which has been raised over four separate venture rounds. In December 2008, the firm raised £3.3m ($5.3m) from tech investors Rising Stars Growth Fund, Northstar Equity Investors, Porton Capital and its spin-out Synergis Technologies, and Carbon Trust, a fund with an eye to accelerate the move to a low-carbon economy also managed by CTIP.
In 2011, the firm held two rounds in May and June. In May, Acal raised £1m ($1.6m) from I2BF. Then in June, I2BF participated in another round with North West Fund, Porton, and Parkwalk Advisors worth £6.1m ($9.8m).
“We are especially pleased to have the confidence of our current investors who have been most supportive of our operations to date”, said Brendan Bilton, the recently-appointed UK managing director of ACAL Energy. “Our rapid rate of technical progress puts us in a good position as we proceed with our commercialisation plans.”