News Article

Acumentrics takes another $2.5M for fuel cells
Date: Sep 14, 2011
Author: James M. Connolly
Source: bizjournals ( click here to go to the source)

Featured firm in this article: Acumentrics Corporation of Walpole, MA

Westwood-based fuel cell developer Acumentrics Holding Corp. has reported selling $2 million in equity, options and warrants as part of a $2.5 million second funding round, according to a filing with the U.S. Securities and Exchange Commission.

The 17-year-old Acumentrics has two subsidiaries. Acumentrics RUPS provides ruggedized uninterruptible power supplies for military and industrial power conditioning, backup, and other mission critical applications, according to the holding company, which said it has more than 60,000 units deployed globally. The second subsidiary is Acumentrics SOFC, which develops solid oxide fuel cells with a fuel-flexible, tubular ceramics-based technology.

Today’s filing lists as directors the same individuals and organizations involved in the company’s $1.5 million funding in 2009.

In 2008, the company received a $15.6 million grant from the U.S. Department of Energy for fuel cell development.

The company’s board includes chairman James Rosenfield, co-founder of IHS Cambridge Energy Research Associates; James Wilson, managing director of Boston Ventures; John Humphrey, chairman of manufacturer Humphrey Enterprises LLC; Richard Pierro, owner of Superior Controls; George Sakellaris, CEO of energy company Ameresco; long-time environmental lawyer and former state executive Douglas Foy of DIF Enterprises; former U.S. Marine Corps commandant General Paul X. Kelley; former Acumentrics CEO Gary Simon; and CEO Adam Briggs.