Bac2, the cleantech materials and fuel cell components company, is pleased to announce the first closing, on 31 March, of an issue of ordinary shares led by Fair-Lead Partners (London). This fundraising has secured commitments to date from new and existing investors to purchase ordinary shares at £110.00 per share, raising a total of £1 million. The funding round will remain open for further subscriptions until 10 May 2010.
The new funds will support the growing commercialization of Bac2’s fuel cell components business and the continuing development of new applications for its materials portfolio, which includes ElectroPhen®, a patented conductive polymer, and the CSR family of latent acid catalysts.
Bac2’s CEO, Mike Stannard, commented: “I am delighted to see both the continued support of our existing shareholders and enthusiastic commitment from new investors, which will allow Bac2 to continue its exciting commercial progress.”
Bac2 uses ElectroPhen in the manufacture of bi-polar plates. These are essential components for fuel cells, which produce clean energy with water vapour as their only waste product. Other potential applications for ElectroPhen include electrical heating and cooling, battery manufacturing, and radiation screening. CSR latent acid catalysts can be used to control polymerization in many processes including the manufacture of chipboard and laminates, glass-reinforced plastics, foam insulation, furniture, and abrasives.
