GP Bullhound, the technology investment bank, today announces the completion of the second tranche of the expansion funding round for Stockholm-based myFC AB, the fuel cell technology company that develops solutions for powering portable electronics. Among the investors in this round are KTH Chalmers Capital and the Sixth Swedish National Pension Fund. Having secured numerous patents around proprietary shape-flexible fuel cell systems with record high power density, myFC will be launching their first product, the PowerTrekk, in Q4 2011. The chemistry process used in myFC’s technology is safe and eco-friendly, with the only bi-product from the fuel cell being a minimal amount of water vapour.
The PowerTrekk product is a 2-in-1 solution that is both a portable battery pack and fuel cell. The portable battery pack can be operated on its own as a ready source of power or storage buffer for the fuel cell. The fuel cell enables instant charging from a depleted battery state without ever needing a wall charge. Users simply insert a fuel pack and add water. To charge portable devices – for example mobile phones, cameras and GPS devices – users connect a device to PowerTrekk via a USB port.
This is the first transaction GP Bullhound has completed for myFC AB and CEO, Bjorn Westerholm, commented:
“We are delighted to have chosen GP Bullhound as our transaction advisor. Their energy, international contacts and deep industry understanding has been of great value to us. We look forward to continuing to work with GP Bullhound in future transactions.”
myFC AB represents the completion of GP Bullhound’s third transaction in the clean technology sector in 2011. With access to investors in the United States, Europe, the Middle East and Asia the successful completion of the transaction further solidifies the firm’s global leadership position in the clean technology sector.
About GP Bullhound
With offices in London and San Francisco, GP Bullhound is a leading investment banking firm providing advice on mergers & acquisitions and institutional capital-raising to emerging growth companies in the Technology sector.
The firm was established in 1999 and has a proven track record with over 100 completed M&A and Private Placement transactions on behalf of Europe's leading entrepreneurs and business builders. The international team, comprised of some of the most experienced technology advisory professionals, together with our dedicated approach has helped us establish a leading global position. We have strong domain expertise in the areas of Internet and Digital Media, Software and Services, CleanTech and Hardware, where we focus on providing preeminent advisory services to some of the best entrepreneurs, management teams and investors around the globe.
myFC is a Swedish fuel cell technology company that develops solutions for powering portable electronics. Having secured numerous patents around proprietary shape-flexible fuel cell systems with record high power density, PowerTrekk is the first commercial portable charger using myFC technology. Since the hydrogen fuel can be supplied from several alternative sources, the system is “flexifuel”. The chemistry process is safe and eco-friendly, and the only bi-product from the fuel cell is a little water vapour. Please see myFC’s press release for additional information: http://www.myfuelcell.se/press-release-myfc-raises-usd-6-7-million-in-funding/.