Oorja nabs $500K for methanol fuel cells

September 21, 2009 | Camille Ricketts | Comments | |

Oorja, maker of methanol fuel cells used to charge batteries for forklifts, pallet loaders and other industrial vehicles, has landed $500,000 in convertible promissory notes, according to a filing with the SEC. Methanol is an alcohol-based fuel that produces zero greenhouse gas emissions. Based in Fremont, Calif. the company markets primarily to large retailers and manufacturers, aviation companies, and distributors, like truckers.
According to the company, many companies in these sectors have taken note of the surmounting cost of charging their lead-acid batteries with grid power — electricity generated largely by coal-fired power plants) — and then disposing of them as toxic waste. It says its methanol technology is both cheaper and greener than this traditional process, improving its clients’ environmental reputations and bottom line.

Right now, Oorja’s strategy is to sell its product to fleets of vehicles — making it easier to deploy them en masse and service them as needed. To do this, it has initiated two incentive programs for dealers. The Master Dealers program allows local dealers to sell and maintain Oorja products. In exchange for comprehensive knowledge of its fuel cells, these individuals can profit from the services they provide. The Referral Dealer Program compensates other dealers in local territories that refer their clients to Master Dealers.

The company has raised about $21.5 million to date from Sequoia Capital, DAG Ventures, Artis Capital Management, McKenna Management, Northshore Partners and Spring Ventures

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About the Author, Camille Ricketts

Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.

With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.