Danish utility companies invest in fuel cell firm  

2007.05.16
Utility companies Tre-For, Energi Fyn and Sydfyns Elforsyning have invested DKK 75 m in IRD, a Danish high-tech company specialising in full cells, full cell materials and systems
Utility companies Tre-For, Energi Fyn and Sydfyns Elforsyning have invested DKK 75 m (USD 13.5 m) in IRD, a Danish high-tech company specialising in full cells, full cell materials and systems. The three companies will jointly own a 60% stake in IRD, which also has USA's APC Group amongst its shareholders. The money will be used to commercialise IRD's technology.
 
Knud Steen Larsen, managing director of Tre-For says: "We would like to play a part in promoting Danish energy technology, especially where we can see an environmental benefit like CO2 reduction. We view the development of fuel cells as a great step in the right direction towards the energy source of the future. We can help IRD to a commercial breakthrough, so the investment is both for strategic and financial reasons."
 
IRD's managing director Morten Riis is highly satisfied with the new investment: "We are now well prepared – not just financially, but also with owners who understand the energy industry and will be a great asset in the company's commercial phase."
 
IRD was founded in 1995 and is based in Svendborg, Funen. The company's strategy is to develop and produce new fuel cell technologies in collaboration with international research groups, strategic partners and customers. In 2006, IRD generated revenues of DKK 27 m (USD 4.9 m). The news was reported by financial daily newspaper Børsen.
 
Link > IRD 

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