ACAL Energy close to completing fundraising

A RUNCORN firm that is pioneering new fuel cells for use in hydrogen-powered vehicles is close to completing a fundraising that will allow it to commercialise the technology.

ACAL Energy, set up by Dr Andrew Creeth and Amanda Lyne in 2004, has developed a way of making fuel cells which use 80% less platinum than the conventional method.

The cell creates electricity through a chemical reaction between oxygen and hydrogen.

ACAL’s system is more durable than existing cells and the combination of cost-savings and a guaranteed long life is attracting the major vehicle manufacturers that are now working on hydrogen-powered vehicles.

Hyundai is leading the pack and is making 10,000 a year at its factory in Korea and other major manufacturers, such as BMW, Toyota, Honda and General Motors, are working together on vehicles.

Chief commercial officer Brendan Bilton said: “We’re in the final stages of a fundraising. We’re very, very close to getting that finalised and that will give us the money to fully commercialise the technology, and get licence agreements in place.”

The cash, believed to be around £15m from new and existing investors, will also allow ACAL to apply the technology to other sectors where the fuel cell can offer a back-up power supply.

The company has raised £15m to date from the Tokyo-based Sumitomo Corporation, the Carbon Trust, technology fund 12BF, chemicals group Solvay, the Technology Strategy Board and a large unnamed Japanese motor maufacturer.