Altergy powers up in fuel cell market
Altergy Systems has been expanding its work force and increasing revenue, and is building a presence in South Africa as it tries to become the standard in the telecommunications industry for backup power at cellular sites and explores other markets, from the smart-grid to fuel cell-powered homes.
In the past nine months, the Folsom company has completed the nation’s largest-known single deployment of fuel cells for the telecommunications market for MetroPCS in south Florida, and spent time on the red carpet at the Academy Awards in Hollywood, where its fuel cells powered metal detectors and portable lighting systems.
More recently, Altergy, Anglo Platinum’s Platinum Growth Metals Development Fund and the Republic of South Africa government have formed a jointly owned company that will market and distribute Altergy’s products for the sub-Saharan African market. Each of the partners has invested an undisclosed amount in the joint venture, Clean Energy Investments.
The collaboration will help the South African government meet certain goals, including developing a manufacturing-based national “hydrogen economy” and transforming and expanding uses for the country’s natural resources, such as platinum.
Under the partnership, Anglo Platinum also invests an undisclosed amount in Altergy, which continues to quietly raise equity financing from “high-net-worth individuals,” said Terry Carlone, Altergy’s chairman and chief administrative officer.
The company had raised $24 million by 2006, and has raised “significantly more” since, said Carlone, who would not provide details.
Clean Energy Investments will ultimately establish a fuel cell manufacturing and assembly plant in South Africa under a license from Altergy.
Read the full story in the Sacramento Business Journal.
