Excerpted from a Protonex Press Release
Protonex Technology Corporation, today announced they received early stage financing to further develop their portable fuel cell technology for commercial applications.
The financing was led by Conduit Ventures, Ltd with co-investors SAS Investors, Solstice Capital and Commons Capital.
As a result of the funding, George Abraham, Partner of SAS Investors and John Butt, Partner of Conduit Ventures, joined the Board of Directors with existing board members Paul Osenar and Norman Strate of Protonex.
Protonexs portable fuel cell systems are compact, lightweight and durable, providing customers with a preferred alternative to heavier, short-term power sources such as batteries and generators. Protonex has developed a strong base of proprietary fuel cell technology and has multiple patents pending. Originally developed for the military, Protonex is accelerating market growth by adapting their product line to accommodate a wide range of industrial, commercial and government applications. Protonex has been working with the military since 2000 to develop a portable, long duration power solution for portable applications. A soldier on a 3 day mission, for example, would need to carry over 20 pounds of batteries to equal the power of one Protonex portable fuel cell system. Weighing less than 5 pounds with fuel, Protonexs products offers key advantages over conventional batteries such as increased operating times and fast refueling in the field.
Targeting the 10 to 1000 Watt range, Protonexs portable fuel cell systems are now being adapted for a wide range of mobile electronic equipment with commercial, industrial and government applications.
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