Protonex Increases Second Round Funding to $11 Million-Portable Fuel Cell Company Also Adds Board Members
Protonex Technology Corporation, a leading manufacturer of high performance fuel cell power systems for portable and remote applications, announced that it has increased its previously announced second round of institutional funding from $9 million to $11 million. The additional $2 million in funding was provided by Venture Capital Fund of New England (VCFNE), Yellowstone Energy Ventures, L.P. and Parker Hannifin Corporation; Parker Hannifin also participated in the initial $9 million round that closed on April 1, 2005.
Southborough, MA (PRWEB) June 9, 2005 -- Protonex Technology Corporation, a
leading manufacturer of high performance fuel cell power systems for portable
and remote applications, announced that it has increased its previously
announced second round of institutional funding from $9 million to $11 million.
The additional $2 million in funding was provided by Venture Capital Fund of New
England (VCFNE), Yellowstone Energy Ventures, L.P. and Parker Hannifin
Corporation; Parker Hannifin also participated in the initial $9 million round
that closed on April 1, 2005.
Scott Pearson, CEO, Protonex, stated,
"Being oversubscribed for this round allowed us to be selective in choosing our
new investment partners, all of whom bring more than money to Protonex."
Mr. Pearson also announced that Akbar Naderi, Group Vice President,
Parker Hannifin, and John Berger, Managing Director, Contango Capital
Management, have joined the Board of Protonex, bringing the total number of
directors to seven.
About Protonex Technology Corporation
www.protonex.com. Protonex is a
privately held, venture-backed company based in Southborough, MA. The company
manufactures high performance, long duration fuel cell systems for portable and
remote applications. Protonex provides complete power solutions in the 10 to 500
Watt power range to OEM customers for off-grid applications underserved by
existing battery, generator, solar and other power technologies. The company's
innovative fuel cell products also complement existing power technologies and
are utilized in hybrid designs for customer applications.
For more
information about Protonex, please contact:
Protonex Technology
Corporation
153 Northboro Road
Southborough, MA 01772-1034
Phone: (508)
490-9960
Fax: (508) 490-8575
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Source : http://www.prweb.com/releases/2005/6/prweb249223.htm