H2Scan Corp., a Valencia, Calif.-based maker of hydrogen-specific sensor systems, has raised $4 million in Series D funding. TGB Partners was joined by return backers Chrysalix Energy Venture Capital, H5 Capital, Tri-Strip Associates, Ravinia Venture Fund, Tech Coast and Pasadena Angels.
H2scan Corporation today announced the Company has secured $4 million in Series D funding from Chrysalix Energy Venture Capital, H5 Capital, L.P., Tri-Strip Associates, LLC, TGB Partners and Ravinia Venture Fund. This round of financing also includes members of the Tech Coast and Pasadena Angels. All but TGB Partners had previously been investors in H2scan from prior series financing.
Proceeds from the funding have been used to upgrade the production and R&D facility, purchase additional equipment and provide additional funds for sales and marketing efforts, including the recently announced hiring of an East Coast sales manager. President & CEO Dennis Reid commented, “The completion of this round of financing has enabled H2scan to continue its ongoing success and further expand our operations from R&D into full production to meet the growing market demand.”
Mike Walkinshaw, Managing Director of Chrysalix Energy Venture Capital stated, “Our continued support for H2scan has been further strengthened by their current progress and the excellent team that has been assembled there. We are excited about the future success of H2scan and their products.”
“There is a huge demand for hydrogen-related products across multiple industries, and H2scan is poised to make a significant impact in these markets,” stated Josh Simms, General Partner of H5 Capital, L.P. “This latest round of funding further supports our goal of becoming the dominant player in each of these markets.”
Robert A. Baird, of TGB Partners, notes, “Recent joint development projects with several multinational companies act to confirm the validity of H2scan's technology. These projects, with the market leaders in their respective fields, should lead to early and broad adoption of H2scan's hydrogen monitoring technology.”
By strengthening the sales force and increasing marketing efforts, the Company will be able to more efficiently service its customers and gain industrial market share. Mr. Reid went on to say, “Our strategy from the beginning has been to offer the most advanced technology in the industry and build the strongest sales and distribution network possible. By aligning ourselves with the most talented engineering and R&D team, we can effectively achieve our goals. We are confident this strategy will lead us to our next level of growth.”
About H2scan (www.h2scan.com)
H2scan is the leading provider of high performance hydrogen specific sensor systems that provide accurate monitoring and control functions for a wide range of applications, including control systems, safety monitoring and alarm systems. H2scan also provides portable, handheld configurations for easy leak detection and monitoring.
H2scan's hydrogen specific sensing systems based on a patented “Chip on a flex” technology are able to detect and measure hydrogen without false readings or expensive support equipment required. The sensing systems are able to detect hydrogen in air down to 15 ppm concentration over a wide range of temperatures without cross-sensitivities to other gases. The ability to operate with or without the presence of oxygen with no interference from CO, sulfur or chlorine separates H2scan from all other in-line measuring technologies.
The company's solid-state technology was developed at Sandia National Laboratory and the U.S. Department of Energy and is only available commercially through H2scan.
H2scan Corporation is headquartered in Valencia, California, and was formed in 2002 with capital assistance from the Ravinia Venture Fund and Vancouver-based Chrysalix Energy Limited Partnership, that includes Ballard Power Systems Inc., Shell Hydrogen, The BOC Group, BASF Venture Capital and Mitsubishi Corporation.
About Chrysalix Energy Venture Capital (www.chrysalix.com)
Chrysalix Energy Venture Capital is an early-stage venture capital firm focusing on fuel cell & hydrogen infrastructure technology companies and is a private equity joint venture between Ballard Power Systems, BASF Venture Capital, The BOC Group, The Boeing Company, Mitsubishi Corporation and Shell Hydrogen. Operating independently, Chrysalix offers a unique value proposition to its clients throughout the business planning, start-up and operations phases of development. Chrysalix provides early-stage funding to new companies as well as management assistance, technological knowledge, organized networking with industry players and experience in the management of intellectual property.
About Tri-Strip Associates, LLC
Tri-Strip Associates, LLC is an early-stage investment arm of Venture Technologies Investment Group, LLC (VTIG). Tri-Strip and other VTIG investment funds are deployed in partnership with other private equity funds across a variety of technology sectors including: interactive media, industrial engineering in support of future energy applications, commercial real estate development, consumer health products and other private-equity initiatives that can help to support a lively and sustainable future.