BASF invests in fuel cells
3 Feb 2003
BASF's venture capital arm has invested heavily in a new company which is developing rechargeable fuel cells.
ZOXY Energy Systems, based near Karslruhe, produces zinc-air cells, which could be used to supply uninterrupted current to critical applications in the process and other sectors.
The investment amounts to some 2.5million Euros, while another two major investors, SAM Sustainable Asset Management of Zurich and BW-Venture Capital of Stuttgart, will each contribute 1.25million Euros.
'BASF is not just providing the company with capital, but can also offer ZOXY its expertise, for example in the area of electrocatalysis,' comments Dirk Nachtigal, managing director of BASF Venture Capital.
Zinc-air fuel cells are lighter and have a higher specific energy density than standard lead batteries, and also have a far superior capacity. ZOXY, which was established in 2000, is the world's only supplier of the products. As well as providing secure power, they can be used to drive motor scooters, wheelchairs and mobile cleaning units.
