An Atlanta-based renewable energy company has raised nearly $3 million, according to a Securities & Exchange commission filing.
Hydro Phi Technologies Inc. is developing a hydrogen powered technology for vehicles that could save up to 30 percent in fuel consumption.
Because the energy content of hydrogen is nearly three times that of gasoline, the result is a combustion process that is more energy dense and efficient, Hydro Phi noted its website.
The Hydro Phi team, which includes engineers MIT, NASA, GE, and NASCAR, have built a proprietary electrolysis unit and combined it with the vehicle's computer to create a hydrogen fuel map that makes the hydrogen at just the right time (based on the engine's efficiency) and injects just enough to use up all of the fuel.
Hydro Phi has leased 8,000 square feet in Doraville where its hydrogen technology will be further developed, according to an Atlanta Journal Constitution profile last July. Hydro Phi, at the time, claimed it would employ 300 people by 2013.
Hydro Phi has raised $2.89 million of the planned $3 million raise, the SEC noted.
Source: Urvaksh Karkaria, Atlanta Business Chronicle