Harvard University Research Team Receives Funding From Allied Minds to Commercialize Novel Solid Oxide Fuel Cell Technology

BOSTON, Oct. 16, 2007 -- Harvard University's Office of Technology Development (OTD) and Allied Minds, a pre-seed investment corporation specializing in early stage university business ventures, today announced that Allied Minds has committed $500,000 in SiEnergy Systems, LLC, http://www.sienergysystems.com/, a new Harvard spin-off that is commercializing a new solid oxide fuel cell (SOFC) technology developed at Harvard University's School of Engineering and Applied Sciences (SEAS).

While SOFCs are an excellent way to efficiently convert chemical energy into electrical energy, today's devices must operate at high temperature (~ 1000 degrees C) and thus suffer from slow start-up time, medium power densities, and the need for costly exotic materials. By contrast, SiEnergy's patent-pending technology provides for low temperature operation with high power density using proven and robust micro-scale fabrication processes. SiEnergy's low temperature SOFC can be used in numerous applications including:

  -- Power for small vehicles, such as forklifts, scooters, recreational
     vehicles;
  -- Auxiliary and backup power for marine and land mobile applications; and
  -- Power for portable electronics.

"SiEnergy's approach utilizes nano-fabrication techniques to fabricate fuel cell devices with high power densities which will be very compact and cost effective for military and commercial applications," said Dr. Shriram Ramanathan, assistant professor of material science at Harvard, who is also a founder of SiEnergy Systems. "Operation at low temperature has been the 'holy grail' for many years because it enables so many applications."

"We are extremely pleased to be working with Professor Ramanathan and his team, including Dr. Alex Johnson, an Environmental Fellow. SiEnergy's technology can revolutionize the use of SOFC not only in the transportation and power generation market segments but also for key portable electronics applications," said Allied Minds Chief Executive Officer Chris Silva. "Dr. Ramanathan's research at Harvard is a very promising pathway to break through the low temperature fuel cell barrier."

About Harvard University's Office of Technology Development

The Harvard Office of Technology Development (OTD) is responsible for all activities pertaining to the evaluation, patenting and licensing of new inventions and discoveries made at Harvard University and Harvard Medical School. OTD also serves to further the development of Harvard technologies through the establishment of sponsored research collaborations with industry. OTD's mission is to promote the public good by fostering innovation and translating new inventions made at Harvard into useful products available and beneficial to society.

About Allied Minds, Inc.

Allied Minds is a pre-seed investment company creating partnerships with select universities to fund corporate spin-offs resulting from successful early stage technology research. By providing corporate development support as well as funding, Allied Minds aims to guide early stage companies to commercial success, thereby generating value for all stakeholders. For additional information, logon to http://www.alliedminds.com/.