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UK fuel cell developer Acal Energy seals £3.25m VC round

4 Sep 2012

UK fuel cell developer Acal Energy has secured investment worth £3.25m from cleantech asset venture firm I2BF, the North West Fund for Energy and Environmental and PFCC2 – both of which are managed by low carbon investor CT Investment Partners.

SC Green Ventures, the cleantech investment arm of the Sumitomo Corporation, also participated in the round, along with smaller players and the company’s management.

Brendan Bilton, recently appointed UK managing director of ACAL Energy, said, “We are especially pleased to have the confidence of our current investors who have been most supportive of our operations to date.

“Our rapid rate of technical progress puts us in a good position as we proceed with our commercialisation plans.”

I2BF was established in Silicon Valley in 2005. It has over $130m under management across its venture capital fund, I2BF Holdings I; and its hedge fund, I2BF Arbat Clean Technology Fund.

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