Fuel cell company seeks investment for automating production  

2006.09.12
Fuel cell technology company IRD is seeking DKK 100 m in capital to initiate large scale production of fuel cells in Svendborg, where the firm is based

Fuel cell technology company IRD is seeking DKK 100 m (USD 17 m) in capital to initiate large scale production of fuel cells in Svendborg, Funen, where the firm is based. IRD is currently making its fuel cells by hand, but production can be automated with a sufficient supply of capital.

Morten Riis, managing director of IRD comments: "We need to reduce our costs and can only do that by increasing production. That's why we now need further capital." Riis also hopes that IRD can maintain its lead over competitors: "We have recently established an engineering department to ensure the technology is further developed, and optimally integrated in the solutions of our customers and partners."

IRD was established in 1995 by the company's technical director Jørgen Lundsgaard, who is still the main shareholder. The US group APC owns a 40% stake, and is especially interested in using IRD's fuel cells as an energy source for its emergency power units. The company's product range comprises both Polymer Electrolyte Membrane Fuel Cells (PEMFC) and Direct Methanol Fuel Cells (DMFC) together with complete Fuel Cell Systems. The news was reported by financial daily newspaper Børsen.

Link > IRD 

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