LONDON Portable fuel cell technology specialist Protonex Technology Corp. has raised ?£8.8 million ($16.2 million) through a placing on the London Alternative Investment Market (AIM).
Protonex (Southborough, MA) placed just over 10 million shares for mainly institutional investors at 85 pence a share and said it would use the proceeds to finance continued development and commercialization of its technology for commercial and military markets, and start volume production at unnamed contract manufacturing partners.
It also said some of the funds may be used to finance selective acquisitions of, or investments in, related technologies or businesses.
The company makes fuel cell power systems for portable and remote applications in the 10-watt to 500-watt power range. It raised $11 million in a second round of funding last year, and has accumulated more than $7.5 million in government contracts from the U.S. Air Force Research Laboratory and other agencies.
Investors include Commons Capital LP, Solstice Capital of Boston, and development partner Parker Hannifin Corp.
Several U.S. based technology startups have recently raised money on the London AIM as the IPO market in North America has weakened.