Semiconductor technology manufacturer Intel has exited US-based portable power technology developer Protonex Technology Corporation through an acquisition by clean energy technology manufacturer Ballard Power Systems.
Ballard will pay $4m in cash together with approximately 11.4 million shares, worth $14.25m taking Ballard’s current share price into account. Founded in 1999, Protonex had raised more than $210m in funding, according to press reports and securities filings.
Intel Capital, Intel’s corporate venturing arm, participated in an $80m series B round in 2000 that also included Oak Investment Partners, Essex Investment Management, Matrix Partners; North Bridge Venture Partners and Photonics Fund.
Other investors in the company include 3i Technology, Axxon Capital, Boston Millennia Partners, Castile Ventures, JP Morgan Direct Investors, Parker Hannifin, Contango Capital Management and Massachusetts Green Energy Fund.