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May 29, 2006
Fuel Cell Startup P21 Raising New Capital
P21 GmbH, a developer of fuel-cell based emergency power generators, is looking to raise up to €10M to finance international sales growth, according to an article in Manager Magazin.
The startup was founded in 2001 as a management buy-out from the Mannesmann/Vodafone group. It targets the telecommunications and IT sector and markets its fuel cells as uninterruptible power supplies. Backed by Target Partners, Conduit Ventures, Techfund Europe, the firm raised a €6M first round in 2004.
It was seed financed by angel investor Eberhard Faerber, who founded IXOS, a software firm that was acquired by OpenText, and tbg.
This bit of info was found in a feature story that tapped investor, founder, and LP opinons on the current state of the VC industry in Germany. If you don't read German, the verdict is that the turnaround point has been reached. Stats show that investors are putting money into startups again, and exits are improving. LPs are cautiously optimistic about the prospects for VC investment in Germany and Europe. And few VCs are excited about state-backed investment funds - with four out of five thinking that the money will be wasted backing the wrong kind of firms.
Read - Ein Breiter Strom (manager magazin)
Posted on May 29, 2006 11:12 AM | Posted to Alternative Energy | News And Updates | Venture Capital | Permalink
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