ReliOn raises $23M for hydrogen fuel cells
Update for April 28: The total amount taken by ReliOn for this round came to $23 million, according to John Cook. Additional funding was provided by PCG Clean Energy & Technology Fund and Robeco Clean Tech Private Equity.
Original post from March 31: ReliOn, a Spokane-based fuel cell maker that helps provide backup power for communications companies and air traffic control towers, has taken over $17 million in a round that will likely be the company’s last, according to its CEO.
The company was reported to have taken $16.9 million by the Seattle PI last Friday. It later said that the funding disclosed by the PI didn’t include new overseas investors, who provided a further, undisclosed amount. ReliOn’s US investors include Oak Investment Partners, Enterprise Partners Venture Capital, Wall Street Technology Partners, and Chrysalix Energy
ReliOn is among the few fuel cell makers actively making sales and growing its business, in part due to government regulations requiring longer-lasting backup power at telecommunications towers. ReliOn’s cells, capable of delivering from 100 watts to 6 kilowatts, have proven useful for that purpose.
The company is based in Spokane, Washington, and has taken over $62 million to date.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.