JumpStart Inc., Northeast Ohio's non-profit venture development organization, announced an investment commitment of $400,000 in Contained Energy, a direct carbon fuel cell (DCFC) company.
The company was formed in 2005 to build a fuel cell based on patented (and patent-pending) technology from Lawrence Livermore National Laboratory (www.llnl.gov).
“The initial application is being developed for the mobile power and distributed power generation markets,” stated Contained Energy CEO, Kevin Berner. “At present, the Company’s prototype is being built at Lawrence Livermore National Laboratory, with plans to relocate to Ohio during 2006,” Berner added.
The Mobile Power market segment is made up of any power source that is not stationary in its application. Within the Mobile Power market, Contained Energy plans to target applications that require 100W – 5kW of power, which are currently constrained by low energy density.
“This investment is a great fit for the region” observed JumpStart CEO, Ray Leach. “Advanced energy technology continues to offer great promise for Northeast Ohio,” Leach concluded.
Executive Director of the Ohio Fuel Cell Coalition (www.fuelcellsohio.org), Ken Alfred, commented, “This is yet another example that Ohio is the most promising location in the nation for companies taking the initiative to develop these advanced fuel cell technologies. The state has the intellectual and financial capital and the supply chain resources to support technologies that offer great promise for an ever increasing global demand for alternative energies.”
With this investment, Contained Energy becomes JumpStart’s 15th portfolio company and 18th overall investment commitment.
About Contained Energy
Contained Energy is developing direct carbon fuel cells (DCFC) – fuel cells that use carbon rather than hydrogen as fuel. DCFCs rely on readily available carbon fuels, generate distributed power that will be cost competitive with the grid, and realize considerable environmental benefits relative to current combustion technologies. Early products will provide breakthrough energy density for mobile applications. Contained Energy will shortly transfer its technology to Cleveland, where it will develop its products at the Wright Fuel Cell Group’s facilities (www.wrightfuelcellgroup.org).
About JumpStart Inc.
JumpStart accelerates the growth of early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs in Northeast Ohio. JumpStart identifies and invests in early-stage companies that have strong potential in the marketplace, solid prospects for high growth, and are likely to qualify for later-stage funding. Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success.