Fuel cell company Lilliputian Systems has raised $40m from investors including semiconductor company Intel, as part of a planned $60m series C led by Rusnano; a Russian state owned investment fund aimed at developing their domestic nanotechnology sector. Rusnano has contributed $25m.
Previous investors, venture capital firms Kleiner Perkins Caufield & Byers, Altira Group, Stata Venture Partners, Atlas Venture, Fairhaven Capital, and chip making giant Intel Corp have contributed the remainder.
According to news provider Boston Business Journal Lilliputian has raised more than $140m to date.
The current Series C round is expected to close sometime early next year after the firm obtains the remaining $20m.
Lilliputian Systems, founded over a decade ago by ex-MIT researchers, has developed and is planning to release a butane powered, pocket sized fuel cell which recharges portable electronic. Dubbed the USB MPS, the device is said to provide 5 to 10 times more electricity than similar sized battery counterparts and can be quickly recharged using lighter fluid.
In a press release Lilliputian’s chief officer Ken Lazarus said “This capital provides the funds necessary to finalize manufacturing set-up, launch the USB MPS to consumers, and continue expanding our talented staff in functional areas across the firm.”
As part of an agreement with Rusnano, Lilliputian will open a business office and an R&D and manufacturing facility in Moscow. Rusnano’s Managing Director Georgy Kolpachev will also become a member of Lilliputian’s board of directors.
Commenting on the these developments Georgy Kolpachev said: “Establishing R&D and manufacturing facilities in Moscow will leverage the significant talent, expertise and accomplishments of Russian engineers and scientists in nanotechnology, MEMS and fuel-cells for the benefit of Lilliputian and the Russian Federation.”