Fuel cell company Siqens receives funding from Finnish investor VNT Management Oy and German KfW Bank

21.10.2013

Together with the KfW ERP-Startfond, VNT Management is investing in the Munich-based technology start-up company Siqens GmbH. This will provide Siqens with market entry funding for their new generation of fuel cells. With its eco-friendly and silent energy converter, Siqens presents a fuel cell with usability and efficiency levels to revival conventional combustions motors within the 1 to 5 kilowatt range.

Dr. Lars Behrend, CEO of Siqens GmbH and responsible for business development, is highly satisfied with the first round of negotiations: “VNT Management and ERP-Startfond are strong partners with whom we can jointly pursue a sustainable product development and long-term market strategy.” Volker Harbusch, R&D managing director, adds: “We are proud to have VNT as an investor with their extensive experience in the energy sector.”

“The Siqens concept focusses on reducing production costs - an issue that has prevented the fuel cell technology breakthrough so far”, states Peter Auner, VNT Management Investment Director, with regards to the new portfolio company. VNT sees “great market potential for Siqens fuel cells in a variety of highly interesting sectors. These include comfort applications for recreation and mobility, hybridisation of battery power or the energy supply and energy security in industry or infrastructure.”

About Siqens GmbH

Founded in 2012, Siqens GmbH emerged from a project funded by the German Federal Ministry of Economics and Technology. During its first year, the company’s innovative concept was honoured with second place of the prestigious f-cell Award. Currently, Siqens is developing its high temperature methanol fuel cell (HT-MFC) for serial production. The advantage lies in the methanol’s highly efficient electricity supply and the simple systems periphery. This means that the HT-MFC system has significantly lower production and operation costs. Siqens focusses on maximising this advantage and, in the long-term, will expand into areas beyond the current fuel cell markets.

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