Pragma Industries, a French startup located in Bidart, France, has secured 411,750 Euros in July, from venture capital financing mainly. This capital gain should allow the young innovative company developing and commercializing its patented hydrogen fuel cell.
Funding has come from two networks of business angels (Capitole Angels, XMP Business Angels), from Finaqui, a well-known venture capital society, and from individuals through OSEO Capital PME web network. Local and regional public networks have joined Pragma Industries’ capital in mid Summer 2009.
According to Pierre Forté, CEO of Pragma Industries, “this consolidation of our assets gives us the opportunity to speed up our R&D program and quickly move to the last steps of development of our technology. In the current sluggish economic context, confidence given by our investors is a renewed proof of the excellence of our work and of the high potential that our activity could bring in the sector of new energies.”
Created in 2004 with both an initial private funding from regional venture-capital companies Sebadour and Herrikoa and the financial support from public institutions, the Regional Council of Aquitaine and OSEO, Pragma Industries has developed a unique fabrication process for PEM fuel cells. It is more specifically in the field of hydrogen fuel cells, i.e., devices that run by converting the chemical energy of hydrogen into electricity, that Pragma Industries has filed and published a patent in 2006. The innovation in question allows yet a significant reduction of the production cost and opens up huge perspectives of commercial deployment for this clean and efficient energy source. The objective is to offer a product with a power range between 0.1 and 10 kW ready for industrialization in 2011.