CellEra Raises Cash for Cheaper Fuel Cells
Israeli fuel-cell startup CellEra has kept its activities under wraps since it raised $2 million from Israel Cleantech Ventures last year. But a German press release from angel investor group BrainsToVentures has revealed the company has raised another $2 million, from BrainsToVentures and Israel Cleantech Ventures, and has developed its first prototype. CEO Zin Gottesfeld confirmed the news, telling us the cash represents part of a larger round.
Gottesfeld also told us CellEra already is working with a major manufacturer and is integrating its fuel cells into backup power systems. CellEra plans to use its new cash to turn its working prototype into its first commercial product, he said, adding that the company aims to have products ready for the market in two years.
According to the release, CellEra believes it can cut fuel-cell development and manufacturing costs by more than 70 percent by eliminating the most expensive material – platinum. The precious metal, which is by far the costliest part of a fuel cell, is normally used as a catalyst to create the electrochemical reaction that converts hydrogen, air and water into electricity.
The key to CellEra’s platinum-free fuel-cell technology is its proprietary electrodes, Gottesfeld said, which are the positively and negatively charged areas where the reaction takes place. The company isn’t developing the platinum-free catalysts itself, instead working with partners that use raw materials such as iron, cobalt or silver, he added.
