Venture capital firm Midven has added Amalyst to its list of portfolio businesses through an undisclosed funding round.
Amalyst, which was spun out of academic institution UCL, has developed a fuel cell and electrolysis catalyst technology which generate hydrogen fuel from the passage of electricity through water.
The London-based business is also being backed by UCL Business (UCLB), a technology transfer company which supports and commercialises research and innovations produced at UCL.
Midven and UCLB’s capital will be used to open a sales and business development base in the West Midlands to cope with expansion.
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Amalyst CEO Dave Hodgson says that the investment has stemmed from the interest shown from potential customers.
He adds, ‘Our research has established a platform which is now poised for commercial growth and the team is excited by the opportunity.’
According to Amalyst, its offering differs from others in the market because it does not include any platinum – meaning a reduction in the overall system cost.
Hodgson believes that the markets Amalyst operates in are beginning to get traction due to large automotive companies committing to a 2015 commercial launch of a fuel cell-powered vehicles.
Andrew Muir, director at Midven, comments, ‘The Amalyst technology offers higher performance and lower cost compared to alternatives, they are working with customers in multiple markets and we are delighted to support the growth of the company.’
The investment from Midven has come from its Early Advantage Fund, an £8 million pot aimed at commitments in high-growth businesses in the West Midlands.