Mingxin China Growth Fund joined previous backers including DAG Ventures in the oversubscribed round. Oorja’s patented direct methanol fuel cells (DMFC) are powered by liquid fuel methanol.
The new funding round will support Oorja’s growth within the material handling business, the company said. It will also jumpstart its expansion into the telecommunications industry for network towers and growth of the company’s global distribution network.
Oorja’ DMFC system is already in use by some of the world’s largest materials handling and telecommunications companies. The investment round follows a $4.2m purchase order and distribution agreement in Latin America. Other recent milestones include; a strategic partnership for commercialization and distribution of methanol fuel cells in South Africa with HySA/Catalysis; and a research agreement with Lawrence Berkeley National Lab to develop fuel cells for electric vehicles.
“Oorja is the only company in the world with a commercially successful methanol fuel cell for multiple, high-growth applications,” said Tom Goodrich, managing director of DAG Ventures.
“The company is well positioned to supply these fuel cells to meet specific needs in multiple global markets including refrigeration, transport and mobile communications infrastructure.”
Copyright © 2014 AltAssets