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BASF Venture Capital invests in U.S. fuel cell company
01 Feb 2007 -
BASF Venture Capital GmbH is investing in UltraCell Corporation, Livermore, CA. UltraCell develops and manufactures complete micro fuel cell systems for portable devices such as satellite phones, radios and laptop computers, which require long runtimes away from the power grid.
UltraCell has raised $10.3 million in its Series C financing round, of which BASF Venture Capital has provided $3 million. UltraCell will use proceeds from the financing round to ramp up production, expand worldwide sales and marketing, and for the development of next-generation products.
UltraCell was founded in 2002 and has currently 45 employees. Its fuel cell system uses a pioneering micro reformer, which generates hydrogen from methanol. This reformed methanol system can yield, with the same cell size, twice the power of comparable lithium batteries, according to the company.
BASF Future Business GmbH, the parent company of BASF Venture Capital, recently acquired Frankfurt-based PEMEAS GmbH - a leading supplier of fuel cell components. The acquisition and the investment in UltraCell, who is a major customer of PEMEAS, highlights BASF's commitment to strengthen its activities in the field of energy management.
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