Fuel cell company myFC takes in 42 million to launch innovative mobile phone chargers

"We see this round of financing as an important validation and a long way to bring a market for fuel cells and demonstrate technology's excellent performance and durability. We will now be able to provide end users a better mobile experience, "says Björn Westerholm, CEO of myFC.

The investment, which deleas into two tranches, enabling myFC to complete commercialization, kick-start the marketing efforts and launch the company's first consumer product, PowerTrekk, at the end of the year. Among the investors in this round are KTH Chalmers Capital and the Sixth AP Fund (Sjätte AP-fonden).

The charger will be to address the increasingly visible "energy gap" - the gap between the amount of power that users require and what is actually there. This gap increases with the number of features and applications for mobile phones is increasing. The initiative to take PowerTrekk to market is directly related to global consumer demand for constant connectivity and communications capabilities.

"We see a great interest in our product both from the media, open-air market, the ITC industry and consumers. In the current situation is a big demand for the product, "says Mr. Westerholm.

European consumers will soon not have different chargers for their cell phones, thanks to the introduction of a single micro-USB standard supported by the European Commission. The agreement, which includes 14 mobile phone manufacturers, enters into force in 2012.

"The new standard will change the purchasing behavior of mobile phone charger as the charger will be sold over the counter instead of being included in the package with the phone. This opens up a good business opportunity for us, especially in the operators' value chain. Consumers will choose between different types of chargers, in various colors and for different purposes. Next year you will have a white charger in your home, a black car and a green PowerTrekk charger in the bag, "said Westerholm.

For more information: www.myfc.se, www.powertrekk.com