Celanese AG forms Venture for Commercialization of Fuel Cell Technology
The venture, under which Celanese holds a minority stake, has raised total financing of approximately EUR 18 million. Conduit Ventures Limited, a London-based venture capital company focused on fuel cells and related hydrogen technologies, leads the consortium, consisting of Sustainable Asset Management of Zurich, CDP Capital of Quebec, Canada and InfraServ GmbH & Co. Höchst KG of Frankfurt, affiliate of Celanese AG that manages the industrial park Frankfurt-Höchst.
"By teaming up with a network of partners in the fuel cell industry, Celanese has significantly strengthened efforts to successfully commercialize our fuel cell technology while minimizing our developmental expenditures," explains Andreas Pohlmann, Celanese AG chief administrative officer and member of the board of management. John Butt, Managing Partner of Conduit Ventures said "Celanese fuel cell activities represent many years of R&D efforts of the former Hoechst Group and is an enabling technology platform with the potential to address a wide range of different market applications. We are very pleased to be partners in the ongoing commercialization efforts."
Celanese is the world's sole supplier of membrane electrode assemblies for high-temperature polymer electrolyte membrane fuel cells, which are more cost-effective and technically reliable than conventional low-temperature fuel cells. High temperature technology has been cited by the US Department of Energy as an important element in the future commercialization of fuel cells.
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