Amalyst, spun-out of University College London, has received funding from venture firm Midven and UCL Business for hydrogen fuel cell tech.
UK-based Amalyst, a spin-out from University College London (UCL) which is commercialising hydrogen fuel cell and electrolysis catalyst technology, has received backing from venture firm Midven and the University’s commercialisation unit UCL Business.
Amalyst plans to use the undisclosed sum to open a new sales office to cope with the company’s expansion.
The London-based spin-out is developing hydrogen fuel cells ahead of a 2015 target of the auto industry to commercially launch fuel cell-powered vehicles. It’s offering lowers the cost of its product while increasing performance, which Amalyst hopes will give it an edge over its competitors.
Dave Hodgson, chief executive of Amalyst, said that the firm had attracted the investment following interest shown by potential customers. He added: “Our research has established a platform which is now poised for commercial growth and the team is excited by the opportunity.”
