A developer of new technology designed to make fuel cells less expensive has received an additional investment of $9.2 million in venture capital funds.
Israel-based CellEra is pioneering platinum-free fuel cell technology, designed to replace kilowatt-range battery packs and internal combustion engines. One of the initial product offerings will be 1-20 kilowatt-backup power-solutions for cell sites.
Vodafone Ventures and Carmel Ventures joined with the largest shareholder Israel Cleantech Ventures in funding the emerging clean-technology company.
Ziv Gottesfeld, CEO of CellEra, said in a prepared statement, “Beyond the available capital, Vodafone’s investment will serve to facilitate our approach to the telecommunications market place, and our ability to direct our cost-effective, clean-energy fuel-cell technology toward the requirements of global telecommunication operators.”
Ziv added that fuel cells, while recognized as a reliable renewable power generation source, have been hampered by high costs. CellEra’s goal is to substantially reduce these costs by eliminating the need for Platinum in the fuel cell stack.
The startup fuel cell firm reportedly has a prototype in action at Comm Scope.