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P 21 GmbH, a global leader in fuel-cell based back-up power systems, will use the proceeds from its Series C financing to fund its growth and international product roll-out plans. The investment consortium includes as a new lead investor Goldman Sachs, London and existing investors Target Partners, Munich and Conduit Ventures Ltd., London.
Brunnthal near Munich, Germany, January 31, 2007 -- P21 GmbH, a global provider of fuel cell based back-up systems, supporting the telecommunications industry has secured the funding of the company’s international growth plans.
"P21 has successfully proven its technology in various international field trials with mobile telecommunication carriers and is in the process to start the global roll-out of our leading-edge fuel cell technology”, stated Dieter Braechtken, CEO of P21 GmbH.
The telecommunications sector requires cost-effective, reliable and environmentally-friendly power back-up systems to ensure the availability and efficiency of mobile networks. P21’s Premion T fuel cell products have been developed specifically for the needs of the telecoms industry and are used to provide an uninterruptible power supply, helping to reduce the overall energy consumption.
“With Goldman Sachs, we have found a strong partner, which, in combination with our existing investor base including energy specialist Conduit Ventures and longtime German market participant Target Partners provides a strong platform to accelerate and broaden our business worldwide”, said Dieter Braechtken. “With more customer-specific and more compact systems, we are enlarging our product portfolio to meet the growing needs for fuel cells in the telecommunication industry.”
About Goldman Sachs:
Goldman Sachs, headquartered in New York, is a leading global investment banking, securities and investment management firm, which provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals.
About Conduit Ventures:
Conduit Ventures Limited ("CVL") is the first EU venture capital company which specializes on fuel cells and related hydrogen technologies. They have investments in the United States, Canada, Germany, Japan and Great Britain. Investors include Shell Hydrogen, Mitsubishi Corporation, Solvay, Danfoss, Johnson Matthey, and National Technology Enterprise Company of Kuwait.
About Target Partners:
Munich-based Target Partners is a venture capital partnership focused primarily on investments in the IT and communications industries. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising funds and taking companies public in Europe and the United States. Target Partners’ fund capital of € 112 million is intended for investment in young start-ups, primarily during the first or second rounds of funding. Target Partners has an extensive network of contacts in the technology and venture capital industries in Europe and the United States.
Contact:
Waldemar Jantz,
Target Partners,
Kardinal-Faulhaber-Str. 10,
80333 Munich,
Germany,
waldemar@targetpartners.de
About P21:
P21 GmbH, headquartered in Brunnthal/Munich, develops, manufactures, and markets high-quality fuel-cell systems. With its patented PEM fuel cell system, the company is the leading supplier of uninterruptible power supplies for the telecoms market. P 21 was founded in 2001 and currently has 35 employees.
For further information please see www.p-21.de or contact:
Doris Busche
P21 GmbH
Marketing Communications
Tel.: +49 (0) 89 607-457 37
Doris.Busche@p-21.de
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