VENTURE CAPITAL FOR FUEL CELLS AND THE HYDROGEN ECONOMY
Shell, Mitsubishi and Johnson Matthey Establish Venture Capital Company for the Hydrogen Economy
31-Jan-2002
Shell hydrogen Shell Mitsubishi Corporation and Johnson Matthey plc today
announce the creation of Conduit Ventures Limited Conduit Europe s first venture
capital company focused on the high growth area of fuel cells and related hydrogen
technologies Conduit will make investments in companies that have established fuel cell
and hydrogen technologies and are seeking further capital for commercial sales and
development
Conduit will be based in London and will make global investments with a focus on
Europe and North America Other investors will be invited to join the fund raising up to
1 million
Conduit will be managed by two former investment bankers who specialised in the
energy and fuel cell industries: John Butt formerly a Director of European mergers and
Acquisitions at Schroder Salomon Smith Barney and John Knight formerly the
Managing Director and head of European Oil and gas at Schroder Salomon Smith
Barney
We believe that fuel cells and related hydrogen technologies have enormous potential to
become the fuel technologies of the future Conduit will concentrate on investments that
are at a post seed pre IPO stage with technology that is close to commercialisation said
Don Huberts Chief Executive Officer of Shell Hydrogen
The fuel cell industry is revolutionising the way power is delivered to all areas of our
lives from cars mobile phones and computers and the delivery of electricity to our homes
and work places Johnson Matthey supplies much of the precious metal materials and
technology for fuel cells and we are pleased to have the opportunity to work with Shell
and Mitsubishi in creating a fund with the aim of developing a portfolio of world class
investments said David Morgan Executive Director of Johnson Matthey responsible for
corporate development
Mitsubishi Corporation has interests in all areas of the emerging hydrogen economy and
we have our own business development plans in fuel cell related industries including
development of many different applications for fuel cells We believe that the
combination of our skills with those of Shell and Johnson Matthey together with the
experience and creativity of John Butt and John Knight will mean that Conduit can create
more opportunities to develop well funded and successful commercialisation of new fuel
cell industries said Mr Hirai senior manager energy business development unit of
Mitsubishi Corporation in Tokyo
Fuel cell technologies are already being used for stationary power residential power and
portable power with future applications in bus engines and car engines Orders for larger
fuel cells to produce electricity in competition with existing power stations and grid
electricity are starting to emerge in the United States and Europe
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