ReliOn, the leading provider of high reliability fuel cell solutions for backup power applications, today announced it has secured an additional U.S. $6 million in equity financing with existing investors. ReliOn now has over 3.5 MW of its fuel cell systems, representing approximately 1,225 customer sites globally, providing clean and reliable backup power based on its proprietary fuel cell technology.
The proceeds of this financing will be used to continue commercial growth in the U.S. and to expand international marketing and sales activities. ReliOn is currently engaged in two significant programs with large wireless operators in North America and is pursuing growth in Europe through ReliOn’s recently announced collaboration with HOPPECKE Batterien GmbH. ReliOn’s success in providing turn-key long run-time solutions, supported by bulk refueling capabilities in North America, is enabling opportunities in Europe, Asia and other international markets.
ReliOn CEO, Gary Flood, stated, “This is an exciting time for ReliOn. In 2010, we experienced year over year tripling of both sales and gross profit as a percentage of sales. With this funding, we are able to accelerate a number of important programs currently underway which move the company toward our objective of becoming the first profitable fuel cell company.”
About ReliOn:
ReliOn’s continuous innovation in core technology has made it a leader in the development and marketing of modular, fault-tolerant fuel cell products for customers seeking solutions to critical backup power applications. With more than 1,225 systems serving sites in 38 U.S. states and 21 countries, ReliOn customers enjoy the benefits of high reliability, low operating costs and easy maintenance. ReliOn fuel cells…simply powerful. www.relion-inc.com.
ReliOn’s Investors:
PCG Clean Energy & Technology Fund www.pcgfunds.com/amhome.html
Robeco www.robeco.com
Oak Investment Partners www.oakvc.com
Enterprise Partners Venture Capital www.epvc.com
Wall Street Technology Partners LP www.wallstreettp.com
Chrysalix Energy Venture Capital LP www.chrysalix.com
Montlake Capital, LLC www.montlakecapital.com
Avista Corp. www.avistacorp.com
This press release contains "forward-looking statements." These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause ReliOn’s actual results, performance, or achievements to be materially different from any future results, performance or achievements express or implied by such forward-looking statements. The forward-looking statements made in this press release are based on assumptions and judgments of management regarding future events and results. These assumptions and judgments may prove to be inaccurate as a result of a number of factors, many of which are beyond ReliOn’s control, and its actual results may differ materially from the results contemplated in these forward-looking statements.