Munich-based developer and manufacturer of methanol fuel cells is seeking to raise EUR 15M of capital to fund its expansion and product development pipeline, ahead of a planned IPO in the coming 2 years.
The company’s flagship Ecoport fuel cell product has shown impressive track record in replacing diesel generators in off-grid and backup power applications.
SIQENS is expanding its product platform towards higher power fuel cells to break into other application areas such as electric vehicles and utility scale power farms.
SIQENS’ patented technology is unique as it is running on industrial grade methanol, a globally available carrier for hydrogen. Methanol offers significant cost advantages and is widely recognised as one of the leading carbon neutral fuels of the future.
The company is building its global footprint, including Asia.It has recently signed an MoU for the commercialisation of its products in China, with a counterparty active in the hydrogen economy.
SIQENS has retained ABN AMRO Bank and CASE Corporate Finance to act as exclusive financial advisors on the capital raising.
SIQENS, founded in Munich in 2012, develops and produces methanol fuel cells. The devices are used as an alternative to diesel generators and are used for backup power, as well as in locations without a fixed connection to the power grid.
The SIQENS fuel cell system, the Ecoport, runs on liquid methanol. Inside the Ecoport, hydrogen is derived from the methanol. The hydrogen then reacts with oxygen to generate electrical energy. The Ecoport is connected to a battery and automatically recharges it as needed. Connected electrical devices are supplied directly from the battery. Thanks to patented circuits for the recovery of process media and energy, the system runs exceptionally efficiently.
In contrast to diesel generators, fuel cells are economical, require hardly any maintenance and emit neither particulate matter nor nitrogen oxides, in addition to significantly reducing CO2 emissions. And with methanol from renewable sources, operation is completely climate-neutral.
Learn more about SIQENS fuel cells.