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P21 Raises 10 Million Euros for Cell Tower Fuel Cell Systems
May 13, 2009Source: Clean Edge News
P21 Gmbh, a developer of fuel cell systems for mobile operators,
recently announced a 10 million euro financing
round. Yellow&Blue Investment Management, a venture capital firm
specializing in clean energy investments, led the
financing round together with P21 management and existing investors
Target Partners and
Conduit Ventures.
P21 was established in 2001 through a management buy-out from
Vodafone and currently
provides the hydrogen-powered PEM fuel cell system to mobile
operators and equipment
suppliers to assure uninterrupted electrical power supply for
telecom towers and base
stations. P21 operates in the Middle East & Africa, Asia and Europe
where it is
implementing its solutions that optimize the use of diesel
generator, fuel cell systems and
renewable energy sources such as solar and wind.
Wolfgang Essig, CEO of P21: "We are excited to have Yellow&Blue as a
new shareholder
and are keen to leverage their experience building international
operations. By lowering
costs and effectively integrating renewables we have created strong
demand for our
energy management solutions. This funding will help accelerate
commercial rollout with
key customers in our target markets."
Dr. Albert Fischer, Managing Director of Yellow&Blue: "I have been
impressed by the team
and their understanding of local level energy needs. P21 energy
solutions are helping
mobile network operators cut costs, increase renewable energy use
and reduce
greenhouse gas emissions."