October 07, 2010
Sun Catalytix Corporation completes $9.5-million Series B funding round
Round led by Tata Limited, with continued participation by Polaris Venture Partners; Ralf Speth, CEO, Jaguar Land Rover, to join board
Cambridge, Massachusetts: Sun Catalytix Corporation (Sun Catalytix), an energy storage and renewable fuels company, today announced the completion of its $9.5-million Series B funding round led by Tata Limited (Tata), with participation from existing investor Polaris Venture Partners as well as other investors. The funds raised in this financing will support continued development of the company’s breakthrough catalyst technology. Ralf Speth, CEO, Jaguar Land Rover, has joined the Sun Catalytix board as a representative of Tata.
“The funding secured in this round will enable Sun Catalytix to continue to move its technology forward and to deliver prototypes,” said MIT professor and Sun Catalytix founder Daniel Nocera. “We are delighted to have attracted Tata, a global and visionary company, as an investor and to have the continuing strong support of Polaris Venture Partners.”
The Sun Catalytix technology utilises innovative catalysts made of earth-abundant elements that split water and generate hydrogen and oxygen from water and renewably-generated electricity in benign and simple operating conditions. By eliminating expensive precious metals and substantially reducing balance of plant costs, Sun Catalytix’ technology promises to enable the conversion of electrical, solar or wind energy to storable energy at transformative cost targets. Sun Catalytix systems target the generation of hydrogen from water at significantly lower costs for industrial applications, for energy storage, and for use as a renewable fuel through internal combustion engines or fuel cells.