Fuel cell materials company Bac2 has raised £2 million of private funding from London Business Angels, enabling the company to commercialize and take to market its ground-breaking conductive polymer “ElectroPhen.” The material is a key enabler to the uptake and success of fuel cells as a future solution to clean energy needs and will propel the commercialization of fuel cell technology. The investment is testament to the success of the business after raising £500,000 seed investment in May 2006 and an earlier £250,000 UK Department of Trade and Industry (DTI) grant.
The latest funding round was led by London Seed Capital and London Business Angels who supported the continuing success of their original investment in 2006, raising £2 million for this round. The investment is the largest ever Business Angel investment in the 25-year history of the London network.
Bac2’s CEO, Mike Stannard, commented, “The fact that we have been able to secure so much investment, primarily from private individuals, demonstrates the progress we have made since the company was set up in 2005. We now understand how the unique properties of ElectroPhen can be most effectively commercialised, initially in the fuel cell markets and in other electrical and electronics applications.”
Jason Ball of London Seed Capital added, “Clean technology is one of the most exciting opportunities for investors today. Bac2 has turned its vision of ElectroPhen as a fuel cell material into reality and is already sampling bipolar plates around the world. What’s particularly exciting is that this material has the potential to make a real difference to the speed at which clean technologies are adopted.”
Bac2 is planning to announce its first standard product shortly and is planning a number of new opportunities for ElectroPhen, including its use in plastic/printed electronic components and circuits.
Bac2 Ltd – http://www.bac2.co.uk
Bac2 is the developer of ElectroPhen(TM), an electrically conductive plastic that will make a significant contribution to the early adoption of clean energy from fuel cell stacks. Fuel cells are technically proven sources of clean energy for our planet, but adoption is presently limited by cost.Bac2 is in the process of developing ElectroPhen(TM) commercially and has patents pending in Europe, America and Japan. ElectroPhen(TM) is made from readily available low-cost constituents, can be pressed or moulded to complex shapes, and is robust enough for harsh environments. By comparison, competitors produce composite plates using electrically insulating resins to bind together conductive particles such as graphite. In addition to its role in fuel cells, Bac2 will find an increasingly wide range of applications for ElectroPhen in electrical and electronic industries.
