The $4.0 million Series B equity financing was led by MHI Energy Partners (Calgary, Louisville, Toronto and NYC) and a series of private investors. The additional capital will target the development of the company's patented laminar flow micro-fuel cells along three product lines: lightweight military applications, consumer/industry portable power and consumer electronics. "This event marks INI's transition from R&D validation phase to one of product development and technology commercialization," said Mr. Larry Markoski, Founder and CTO of the company.

Supporting this move toward a commercial focus are the addition of three scientists and a relocation of company's facility to Southport Park in Morrisville, NC. Joining the company are Norbert Richter, Mechanical Engineer; Mike Riley, Senior Systems Engineer, and Steve Watts, Principal Scientist.

Closely synchronized with the funding event will be the completion and delivery of a 20 Watt Soldier Portable Power Pack (SP3) unit to the Army's Communication and Electronics Research Development and Engineering Center (CERDEC). "The SP3 unit represents the culmination of an extensive development effort that brings together all the elements of a power system into a lightweight and compact portable power unit" said Dr. Anthony Atti, VP Business Development. "The 20 watt power unit embodies significant advancements in miniaturization, operation and performance associated with the fuel cell stack, the balance of plant and control system electronics."

About INI Power Systems, Inc.

INI Power Systems, Inc. was founded in 2001, a University of Illinois at Urbana-Champaign (UIUC) start-up, focused on commercializing the direct methanol Laminar Flow Fuel Cell (LFFC(R)) first conceived and patented by founder Larry Markoski while conducting research at the Beckman Institute. Combining methanol -- a high energy density and logistically friendly liquid fuel -- with a revolutionary fuel cell concept, INI's LFFC technology is designed to replace or augment batteries to supply longer-lasting power for portable devices. For more information, contact Anthony Atti or Jeffrey Harrison at 919-677-7112. Visit our website at http://www.inipower.com.