Fuel cell maker ReliOn raises $6M |
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Fuel cell maker ReliOn raises $6M
ReliOn Inc., a maker of fuel cells for backup power applications, said it has raised an additional $6 million in equity financing from existing investors.
The Spokane-based company said the financing will be used to continue U.S. growth and expand international marketing and sales.
“In 2010, we experienced year over year tripling of both sales and gross profit as a percentage of sales," said CEO Gary Flood. "With this funding, we are able to accelerate a number of important programs currently underway which move the company toward our objective of becoming the first profitable fuel cell company.”
In 2008 ReliOn raised $23 million from investors, including the California-based PCG Clean Energy & Technology Fund, LLC and Netherlands-based Robeco Clean Tech Private Equity II.
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