Lynntech Industries Secures Series A Equity Financing
October 27, 2004
For Immediate Release
Chrysalix Energy, Braemar Energy Ventures, Altira invest $5.5 million to establish independent fuel cell test solutions company
COLLEGE STATION, Texas (June 15, 2004) — Lynntech Industries, Inc., a leading developer of fuel cell test solutions, announced today that it has secured $5.5 million in series A equity financing. Chrysalix Energy Limited Partnership of Vancouver, BC, and Braemar Energy Ventures of New York, NY, led the investment with co-investor Altira of Denver, CO. The capital increase will be used to expand the company's development capabilities and service/sales operations.
With the investment, Lynntech Industries is now positioned as the leading independent provider of test solutions in the fuel cell market – a key differentiator in an industry where confidentiality of information is essential. In conjunction with the financing, the company will be spun out from its parent organization, Lynntech, Inc., to become an independent operation in which Lynntech, Inc. becomes a minority shareholder with no role in operations or corporate governance.
“As fuel cells advance toward commercialization, a critical component to success will be innovation in testing and analysis of sophisticated data,” said Jeffery Bentley, Chief Executive Officer of Lynntech Industries. “With the investment in place, we have the resources to continue providing customers with industry-leading solutions that reduce the time and cost of testing. This investment will also allow us to provide additional related services that our customers want, like confidential, independent fuel cell testing services.”
Complementing the investment news, the company also announced that Dr. Craig Andrews will serve as Chief Technology Officer for Lynntech Industries. As the primary architect behind Lynntech's technology achievements, he will play a major role in solving client issues. “We appreciate the diversity of our customers, the differences in their testing needs, and the demands of the fuel cell researcher,” said Andrews. “This is reflected in the design and capabilities of our fuel cell test systems and solutions, such as FCPower™, that are built around a flexible and scalable modular technology platform.”
“We believe Lynntech Industries has the potential to be a dominant player in a large and strategically critical portion of the fuel cell industry” said Christine Bergeron, Vice President, Investments with Chrysalix Energy Management. “The syndicate looks forward to working with the company's talented and innovative team members as fuel cells move closer toward commercialization.” In conjunction with the financing, Christine Bergeron from Chrysalix Energy Management, Neil S. Suslak from Braemar Energy Ventures, and James R. Newell from Altira will each join the company's Board of Directors.
About Lynntech Industries
Lynntech Industries, with more than 80 customers worldwide, offers the widest range of fuel cell test stations, testing equipment, supplies, and services in the fuel cell support community. Offering test stations from below 1 Watt to over100 kW and spanning all chemistries including PEM, SOFC, MCFC, and DMFC, Lynntech provides fuel cell developers with the most powerful and versatile test solutions on the market today. Additional information is available at www.lynntechnidusties.com.
About Chrysalix Energy Limited Partnership
Chrysalix Energy Limited Partnership is an early-stage venture capital firm focusing on fuel cell & related fueling technology companies and is a private equity joint venture between Ballard Power Systems, BASF Venture Capital, The BOC Group, The Boeing Company, Duke Energy, Mitsubishi Corporation and Shell Hydrogen. Operating independently, Chrysalix offers a unique value proposition to its clients throughout the business planning, start-up and operations phases of development. Chrysalix provides early-stage funding to new companies as well as management assistance, technological knowledge, organized networking with industry players and experience in the management of intellectual property. Additional information is available at www.chrysalix.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.
Altira is a seed and early-stage venture capital firm focused on energy technology. Based in Denver, Colorado, the firm is investing from its fourth fund. Altira looks for promising technology companies in the areas of oil and gas, energy information technology, electric power generation, transmission and distribution, and renewable energy. The firm targets opportunities in first institutional equity rounds with initial investments of $500,000 to $3 million. Additional information is available at www.altiragroup.com.
- Jeff Bentley
- CEO, Lynntech Industries, Inc.
- Tel: (617) 293-8703
- Neil S. Suslak
- Braemar Energy Ventures
- Tel: (212) 697-0900 Ext. 380
- Christine Bergeron
- Chrysalix Energy Limited Partnership
- (604) 659.5475
- Jim Newell
- Altira Group LLC
- Tel: (303) 592.5503