Addition of Angstrom’s portable fuel cell technology enables total power solution
VANCOUVER, BC - Today, Chrysalix Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced the acquisition of its portable fuel cell portfolio company, Angstrom Power, by BIC Inc., a Canadian subsidiary of Paris-based BIC Group. The deal marks the second company sale for Chrysalix in 2011 after electric vehicle (EV) fast charging portfolio company, Epyon Power, was acquired in June by ABB.
“2011 has been a year of validation for cleantech with the continued VC investment dollars pouring into the sector, and more importantly, with the total value of M&A deals setting a new record at more than $40 billion,” said Wal van Lierop, President & CEO at Chrysalix and Board Member at Angstrom. “At Chrysalix, we’ve fortunately benefitted from this increased interest from industry leaders to incorporate small-company cleantech innovation into their core business, now with BIC’s decision to combine Angstrom’s proprietary fuel cell technology with their own hydrogen fuel cartridges for a total power solution.”
Since 2001, Angstrom has been developing portable fuel cell devices based on a unique architecture that enables the world’s smallest and most power dense micro hydrogen fuel cells. These cells can be produced using inexpensive screen printing technology and integrated into applications with extremely small form factors such as mobile phones. When combined with BIC’s 10 years of hydrogen fuel cartridge development work, early prototypes have demonstrated high levels of performance and efficiency, especially appealing to companies whose devices rely on rechargeable batteries. BIC expects to bring a portable fuel cell device and fuel cell cartridge to market within two to five years expanding its product portfolio of high-quality consumer goods.
About Chrysalix Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the Firm has consistently ranked among the top most active clean energy technology venture capital firms in the world and in 2010, was listed as the most active cleantech VC by the Cleantech Group. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total, Chrysalix has approximately $300M in assets under management. For more information, please visit http://www.chrysalixevc.com.
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