ReliOn, a US-based provider of fuel cells for back-up power and grid-support applications, has raised an undisclosed amount of corporate venturing funding from New York-listed industrial group Cummins. Gary Flood, chief executive at ReliOn, said: “Cummins is a global leader in power generation and, as such, will be an excellent partner to work with ReliOn as we continue our global market expansion. Cummins is committed to assist ReliOn toward increasing our market visibility and access. Additionally, Cummins will use its broad capabilities in engineering and manufacturing to accelerate ReliOn’s efforts to drive costs down and increase the distribution reach of our fuel cell products around the world.” In April 2011, ReliOn raised $6m from existing investors. This followed a $23m series C round in April 2008 from PCG Clean Energy & Technology Fund, Robeco Clean Tech Private Equity II, Oak investment Partners, Enterprise Partners Venture Capital, Wall Street Technology Partners, Chrysalix Energy Venture Capital, Buerk Dale Victor and ReliOn’s former parent, Avista. ReliOn’s B round in November 2004 raised $25m and $12.5m in 2003 when it was known as Avista Labs.

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?