Contact Information: CONTACT: Steve Hoviss H2scan 28486 Westinghouse Place Suite 100 Valencia, CA 91355 Tel: 661-775-9575 ext.621 Fax: 661-775-9515 Email: shoviss@h2scan.com
H2scan Secures $4 Million in Series D Funding
| Source: H2scan
VALENCIA, CA--(Marketwire - July 29, 2008) - H2scan Corporation today announced the Company
has secured $4 million in Series D funding from Chrysalix Energy Venture
Capital, H5 Capital, L.P., Tri-Strip Associates, LLC, TGB Partners and
Ravinia Venture Fund. This round of financing also includes members of the
Tech Coast and Pasadena Angels. All but TGB Partners had previously been
investors in H2scan from prior series financing.
Proceeds from the funding have been used to upgrade the production and R&D
facility, purchase additional equipment and provide additional funds for
sales and marketing efforts, including the recently announced hiring of an
East Coast sales manager. President & CEO Dennis Reid commented, "The
completion of this round of financing has enabled H2scan to continue its
ongoing success and further expand our operations from R&D into full
production to meet the growing market demand."
Mike Walkinshaw, Managing Director of Chrysalix Energy Venture Capital,
stated, "Our continued support for H2scan has been further strengthened by
their current progress and the excellent team that has been assembled
there. We are excited about the future success of H2scan and their
products."
"There is a huge demand for hydrogen-related products across multiple
industries, and H2scan is poised to make a significant impact in these
markets," stated Josh Simms, General Partner of H5 Capital, L.P. "This
latest round of funding further supports our goal of becoming the dominant
player in each of these markets."
Robert A. Baird, of TGB Partners, notes, "Recent joint development projects
with several multinational companies act to confirm the validity of
H2scan's technology. These projects, with the market leaders in their
respective fields, should lead to early and broad adoption of H2scan's
hydrogen monitoring technology."
By strengthening the sales force and increasing marketing efforts, the
Company will be able to more efficiently service its customers and gain
industrial market share. Mr. Reid went on to say, "Our strategy from the
beginning has been to offer the most advanced technology in the industry
and build the strongest sales and distribution network possible. By
aligning ourselves with the most talented engineering and R&D team, we can
effectively achieve our goals. We are confident this strategy will lead us
to our next level of growth."
Further information about H2scan is available by calling 661-775-9575 or at
www.h2scan.com. To be added to H2scan's corporate e-mail list, please send
an e-mail to investorrelations@h2scan.com.
About H2scan (www.h2scan.com)
H2scan is the leading provider of high performance hydrogen specific sensor
systems that provide accurate monitoring and control functions for a wide
range of applications, including control systems, safety monitoring and
alarm systems. H2scan also provides portable, hand-held configurations for
easy leak detection and monitoring.
H2scan's hydrogen specific sensing systems based on a patented "Chip on a
flex" technology are able to detect and measure hydrogen without false
readings or expensive support equipment required. The sensing systems are
able to detect hydrogen in air down to 15 ppm concentration over a wide
range of temperatures without cross-sensitivities to other gases. The
ability to operate with or without the presence of oxygen with no
interference from CO, sulfur or chlorine separates H2scan from all other
in-line measuring technologies.
The company's solid-state technology was developed at Sandia National
Laboratory and the U.S. Department of Energy and is only available
commercially through H2scan.
H2scan Corporation is headquartered in Valencia, California, and was formed
in 2002 with capital assistance from the Ravinia Venture Fund and
Vancouver-based Chrysalix Energy Limited Partnership, that includes Ballard
Power Systems Inc., Shell Hydrogen, The BOC Group, BASF Venture Capital and
Mitsubishi Corporation.
About Chrysalix Energy Venture Capital (www.chrysalix.com)
Chrysalix Energy Venture Capital is an early-stage venture capital firm
focusing on fuel cell & hydrogen infrastructure technology companies and is
a private equity joint venture between Ballard Power Systems, BASF Venture
Capital, The BOC Group, The Boeing Company, Mitsubishi Corporation and
Shell Hydrogen. Operating independently, Chrysalix offers a unique value
proposition to its clients throughout the business planning, start-up and
operations phases of development. Chrysalix provides early-stage funding to
new companies as well as management assistance, technological knowledge,
organized networking with industry players and experience in the management
of intellectual property.
About Tri-Strip Associates, LLC
Tri-Strip Associates, LLC is an early-stage investment arm of Venture
Technologies Investment Group, LLC (VTIG). Tri-Strip and other VTIG
investment funds are deployed in partnership with other private equity
funds across a variety of technology sectors including: interactive media,
industrial engineering in support of future energy applications, commercial
real estate development, consumer health products and other private-equity
initiatives that can help to support a lively and sustainable future.