Metallic Power Growth Fuels Move to Larger Headquarters
17 May 2000
Metallic Power Growth Fuels Move to Larger Headquarters
SAN DIEGO--May 16, 2000--Receiving Over $6 Million in Venture Capital Funding
Metallic Power, the leading developer of rapidly refuelable zinc/air fuel cells, announced today that it has moved its headquarters to a 29,000 square foot facility in Carlsbad, increasing its space six-fold over its previous facility.
It includes office space, testing laboratories, a warehouse and initial manufacturing areas. The company has also secured an option on an additional nearby building to accommodate further growth. This move follows the company's recent close of its second round of venture capital funding with over $6 million in new investments and two new corporate investors.
"This new building gives us the space we need to complete development and bring our zinc/air fuel cell products to market," said CEO Dr. Jeff Colborn. "It provides not only the room we need to accomplish our tasks today, but most importantly, it provides us with room to grow."
The company expects the new quarters to meet capacity needs through the end of 2001. The option on the nearby building could provide instant additional space if needed. The increased space is necessary to accommodate the development, testing and demonstration Metallic Power is completing now, along with the new people it is hiring. The company's headcount will nearly double over the next year, according to Colborn.
The Metallic Power system consists of zinc/air fuel cells and a zinc recycling unit. The fuel cell generates electricity when it combines zinc pellets (1mm diameter) with oxygen from the air in the presence of an electrolyte, forming zinc oxide, a safe white powder commonly used in skin creams and sunblock. The recycling unit uses wall electricity to convert the zinc oxide back into fresh zinc, which is then recombined with the electrolyte to be reused as fresh "fuel." Zinc offers up to 10 times the energy per pound and per volume of lead acid batteries. The fuel cell has three times the energy efficiency of gasoline engines, and has none of the pollution or noise associated with gasoline or diesel engines, so it can be used indoors. The zinc fuel itself is recycled over and over, forever.
The company's first product will be a portable power source that produces 2 kW of continuous power and up to 4 kW of peak power, along with a home-sized zinc recycling unit. Other product configurations will follow. The company is also completing development of a pickup truck that will drive 600 miles with one refueling stop. Metallic Power plans to commence a customer evaluation test of the fuel cell system in December of this year. The company plans to launch the product in 2002.