ReliOn, a Spokane, Wash.-based maker of fuel cells, has received a strategic investment from the publicly traded power generation company Cummins Inc. The amount of the funding was not disclosed, but ReliOn, founded in 1995, has raised roughly $30 million over the years, including from Oak Investment Partners and Chrysalix Energy.
ReliOn, the leading provider of high reliability fuel cell solutions for backup power and grid-support applications, is pleased to announce that Cummins Inc. CMI -0.41% has made a strategic investment in the company. Cummins is a corporation comprised of multiple business units that design, manufacture, distribute and service engines and related engine related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems.
Gary Flood, ReliOn’s CEO, characterized the investment: “Cummins is a global leader in power generation and, as such, will be an excellent partner to work with ReliOn as we continue our global market expansion. Cummins is committed to assist ReliOn toward increasing our market visibility and access. Additionally, Cummins will use its broad capabilities in engineering and manufacturing to accelerate ReliOn’s efforts to drive costs down and increase the distribution reach of our fuel cell products around the world.”
As part of this investment, Cummins will join the ReliOn board of directors.
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 nearly 1,600 sites serving customer equipment in 42 U.S. states and 34 countries, ReliOn customers enjoy the benefits of high reliability, low operating costs and easy maintenance. ReliOn products are tested or certified to stringent standards from CSA, UL, CE, Telcordia NEBS and China TTL Labs. ReliOn fuel cells…simply powerful. www.relion-inc.com .
Avista Corp. www.avistacorp.com
Chrysalix Energy Venture Capital LP www.chrysalix.com
Cummins, Inc. www.cummins.com
Enterprise Partners Venture Capital www.epvc.com
Montlake Capital http://montlakecapital.com/
Oak Investment Partners www.oakvc.com
PCG Clean Energy & Technology Fund www.pcgfunds.com
Wall Street Technology Partners LP www.wallstreettp.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.