Elcogen signed investment agreement with Power Fund II
On August 5, 2008, Elcogen and its shareholders signed agreements for an investment by Finnish venture capital fund Power Fund II LP. Power Fund II will invest into the company 2.5m euros in three tranches. Elcogen will use the proceeds for the product development of its cerium-based SOFC-s and for setting up a small-series production line of SOFC-s.
Power Fund II is a clean technology fund managed by VNT Management. VNT Management, founded in 2002, is one of the first venture capital companies in Europe to focus on renewable and distributed energy generation and energy-saving technology opportunities.