Central regions | Finance, business | Technology & innovation

Russian venture funds support fuel cell developer

21 Oct '14
Phystech Ventures and North Energy Ventures, Russian VC funds, are pumping as much as $2m into AT Energy, a fuel cell developer and currently resident of Skolkovo, Russias most widely-touted innovation hub still under construction just outside Moscow, the Skolkovo Foundation website reported.

The investment is expected to help further develop the companys fuel cells for pilotless aircraft (drones) and standby power supply systems for telecommunications projects.

In September 2014, AT Energy completed work on the inaugural version of its DronN 500W, a product for small pilotless systems. The company has succeeded in setting a record for flight duration; in a series of tests, a DronN-powered drone was airborne for more than 11 hours without landing, a considerable cut above the existing storage battery powered competition that can stay in the air for one or two hours at most, the Foundation quoted an official VC funds spokesperson as saying.

We like AT Energys strategy. The company is focused on markets where the use of fuel cells may ensure a critical improvement and customers are prepared to pay a high price. We can see positive trends in the pilotless systems segment, with the global market already worth more than $7bn; and according to recently announced plans, Russia may spend in excess of $10bn on drones over the next six years. We intend to help AT Energy keep its leadership market position and successfully challenge other global players in this segment, including Horizon, Protonex, etc., said Petr Lukyanov of Phystech Ventures.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Latest News: Central regions
21 Jan '22 | Technology & innovation
21 Jan '22 | Technology & innovation
19 Jan '22 | Technology & innovation
 

Feature stories

27 Dec '21
An innovative hybrid plate for cranial defects...
24 Nov '21
Cerebral vascular disorders are responsible for a...
8 Oct '21
Chemists at the St. Petersburg State University...
Search (News archive - 22912)
Technology Scouting Solutions For Industry
NATT
Advertising
Marchmont News

Latest News

20 Jan '22
A research team at the Samara Polytechnic University...
18 Jan '22
A scientific team in the West Urals has come up with...
14 Jan '22
A new device, developed by a Russian start-up and...

Most read stories from last week

21 Jan '22
21 Jan '22
Russian scientists have created a robot to disinfect...