PolyFuel, Inc., a company developing membrane technology for portable fuel cells, announced it has closed a $18.4 million, third round of funding, bringing total investment in the 5-year-old startup to approximately $40 million.
This round, led by CDP Capital – Private Equity includes existing investors Mayfield, Ventures West, Technology Partners, Intel Capital, and Chrysalix Energy as well as new investors Conduit Ventures Limited, KTB Ventures, Hotung Venture Partners, Yasuda Enterprise Development, and BiNEXT, a part of the Daesung Group.
Portable fuel cells, which have the potential to become the next power source for mobile electronic devices such as portable computers or cell phones, depend on a sophisticated membrane that permits methanol to interact with water and air to produce electricity. PolyFuel has a leading technology to make this membrane.
The proceeds from this round are expected to enable PolyFuel to support its customers through their initial test market phases and into early stages of commercial production.
"PolyFuel has established a tremendous market momentum," commented Grant Heidrich, partner emeritus at Mayfield. "Based upon the quality of its technology, the company has grown its pilot base by over 400% in the past year, to where nearly every serious player in the portable fuel cell market is evaluating the PolyFuel membrane for use in their fuel cells. In addition, the company's portfolio of intellectual property – in both portable and hydrogen fuel cell technology — is dramatic. We believe that PolyFuel can become one of those rare companies that can define an entire industry."
ABI Research forecasts that portable fuel cells will power 13% of the world's laptop computers by 2013.
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