BASF Venture Capital GmbH invests in new fuel cell technology

16-Jan-2003

By providing funding of EUR 2.5 million, BASF venture capital GmbH, Ludwigshafen, is lead investor in ZOXY Energy Systems AG, Germany, a manufacturer of rechargeable fuel cells. The young company produces, markets and sells electrically rechargeable zinc-air fuel cells, which have a far superior capacity compared to standard lead batteries and are also lighter and boast a higher specific energy density. In particular, it is planned to use these powerful new energy sources to drive motor scooters, wheelchairs or mobile cleaning units, for systems to supply uninterrupted current, and as portable power sources for outdoor and leisure activities.

The most important investors to date - SAM Sustainable Asset Management AG, Zurich, and BW-Venture Capital GmbH, Stuttgart, who will together contribute EUR 2.5 million - are also part of this round of financing.

"BASF is not just providing the company with capital, but can also offer ZOXY its expertise, for example in the area of electrocatalysts," said Dirk Nachtigal, Managing Director of BASF Venture Capital GmbH.

ZOXY Energy Systems AG was established in 2000 and employs 29 people. Research and development are concentrated at the company's headquarters in Oberderdingen (near Karlsruhe); production takes place in Freiberg, eastern Germany. ZOXY is the world's only supplier of electrically rechargeable zinc-air fuel cells.

"We want to post a profit in 2003," said Dieter Brächtken, Chairman of ZOXY Energy Systems AG. "Our production and marketing strategy and the possibility of issuing licenses, give us a great degree of flexibility and allow us to respond quickly to market impulses."

https://www.chemeurope.com/en/news/18626/basf-venture-capital-gmbh-invests-in-new-fuel-cell-technology.html