Fuel cell company Siqens receives funding from Finnish investor VNT Management Oy and German KfW Bank
Together with the KfW ERP-Startfond, VNT Management is investing in the technology start-up company Siqens GmbH. Emerging from the Munich University of Applied Science the first-round financing will provide Siqens with market entry funding for their new generation of fuel cells. With its eco-friendly and silent energy converter, Siqens presents a fuel cell with usability and efficiency levels to rival conventional combustions motors within the 1 to 5 kilowatt range.
Dr. Lars Behrend, CEO of Siqens GmbH and responsible for business development, is highly satisfied with the first round of negotiations: “VNT Management and ERP-Startfond are strong partners with whom we can jointly pursue a sustainable product development and long-term market strategy.” Volker Harbusch, R&D managing director, adds: “We are proud to have VNT as an investor with their extensive experience in the energy sector.” “Siqens’ concept focusses on reducing production costs – an issue that has prevented the fuel cell technology breakthrough so far”, states Peter Auner, VNT Management Investment Director, with regards to the new portfolio company. VNT sees “great market potential for Siqens fuel cells in a variety of highly interesting sectors. These include comfort applications for recreation and mobility, hybridisation of battery power or the energy supply and energy security in industry or infrastructure.”
About VNT Management
Oy VNT is one of the first venture capital management companies in Europe that focuses on clean technologies, in particular renewables, electrical systems and energy savings. We are active in the Nordics and German-speaking countries. At present, VNT has three funds with a total investment capital of €157 million under management. VNT mainly invests in technology-orientated start-ups and growth companies in Europe. VNT executives possess core experience in the power conversion and control industry, providing essential added value to the target companies of VNT funds. Wide business experience, active management, and values based on fair play make up the cornerstones of VNT.
Link zur Website: VNT Management
About KfW’s ERP Start-up-Fund
KfW finances and supports, among other things, business start-ups, small and medium-sized enterprises (SME) as well as investments in growth and employment in Germany. The ERP Start-up Fund, administered and co-financed by KfW, offers equity financing for innovative, technology-based enterprises with very good growth prospects. The Fund finances research and product development as well as the launching of new products, processes or services. KfW always cooperates with a lead investor and offers financing at market conditions. Created in 2004, the ERP Start-up Fund disposes of around EUR 720 million in total for investing in emerging technology.
Learn more about SIQENS fuel cells.