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Press Release
H2scan Secures $4 Million in Series D Funding
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VALENCIA, CA – July 29, 2008 -- H2scan Corporation today announced the Company has
secured $4 million in Series D funding from Chrysalix Energy Venture Capital, H5 Capital, L.P.,
Tri-Strip Associates, LLC, TGB Partners and Ravinia Venture Fund. This round of financing also
includes members of the Tech Coast and Pasadena Angels. All but TGB Partners had
previously been investors in H2scan from prior series financing.
Proceeds from the funding have been used to upgrade the production and R&D facility,
purchase additional equipment and provide additional funds for sales and marketing efforts,
including the recently announced hiring of an East Coast sales manager. President & CEO
Dennis Reid commented, “The completion of this round of financing has enabled H2scan to
continue its ongoing success and further expand our operations from R&D into full production to
meet the growing market demand.”
Mike Walkinshaw, Managing Director of Chrysalix Energy Venture Capital stated, “Our
continued support for H2scan has been further strengthened by their current progress and the
excellent team that has been assembled there. We are excited about the future success of
H2scan and their products.”
"There is a huge demand for hydrogen-related products across multiple industries, and H2scan
is poised to make a significant impact in these markets," stated Josh Simms, General Partner of
H5 Capital, L.P. "This latest round of funding further supports our goal of becoming the
dominant player in each of these markets."
Robert A. Baird, of TGB Partners, notes, “Recent joint development projects with several
multinational companies act to confirm the validity of H2scan’s technology. These projects, with
the market leaders in their respective fields, should lead to early and broad adoption of
H2scan’s hydrogen monitoring technology.”
By strengthening the sales force and increasing marketing efforts, the Company will be able to
more efficiently service its customers and gain industrial market share. Mr. Reid went on to say,
“Our strategy from the beginning has been to offer the most advanced technology in the industry
and build the strongest sales and distribution network possible. By aligning ourselves with the
most talented engineering and R&D team, we can effectively achieve our goals. We are
confident this strategy will lead us to our next level of growth.”
Further information about H2scan is available by calling 661-775-9575 or at
www.h2scan.com.
To be added to H2scan's corporate e-mail list, please send an e-mail to investorrelations@h2scan.com.
About H2scan (www.h2scan.com)
H2scan is the leading provider of high performance hydrogen specific sensor systems that
provide accurate monitoring and control functions for a wide range of applications, including
control systems, safety monitoring and alarm systems. H2scan also provides portable, handheld
configurations for easy leak detection and monitoring.
H2scan's hydrogen specific sensing systems based on a patented "Chip on a flex" technology
are able to detect and measure hydrogen without false readings or expensive support
equipment required. The sensing systems are able to detect hydrogen in air down to 15 ppm
concentration over a wide range of temperatures without cross-sensitivities to other gases. The
ability to operate with or without the presence of oxygen with no interference from CO, sulfur or
chlorine separates H2scan from all other in-line measuring technologies.
The company’s solid-state technology was developed at Sandia National Laboratory and the
U.S. Department of Energy and is only available commercially through H2scan.
H2scan Corporation is headquartered in Valencia, California, and was formed in 2002 with
capital assistance from the Ravinia Venture Fund and Vancouver-based Chrysalix Energy
Limited Partnership, that includes Ballard Power Systems Inc., Shell Hydrogen, The BOC
Group, BASF Venture Capital and Mitsubishi Corporation.
About Chrysalix Energy Venture Capital (www.chrysalix.com)
Chrysalix Energy Venture Capital is an early-stage venture capital firm focusing on fuel cell &
hydrogen infrastructure technology companies and is a private equity joint venture between
Ballard Power Systems, BASF Venture Capital, The BOC Group, The Boeing Company,
Mitsubishi Corporation and Shell Hydrogen. Operating independently, Chrysalix offers a unique
value proposition to its clients throughout the business planning, start-up and operations phases
of development. Chrysalix provides early-stage funding to new companies as well as
management assistance, technological knowledge, organized networking with industry players
and experience in the management of intellectual property.
About Tri-Strip Associates, LLC
Tri-Strip Associates, LLC is an early-stage investment arm of Venture Technologies Investment
Group, LLC (VTIG). Tri-Strip and other VTIG investment funds are deployed in partnership with
other private equity funds across a variety of technology sectors including: interactive media,
industrial engineering in support of future energy applications, commercial real estate
development, consumer health products and other private-equity initiatives that can help to
support a lively and sustainable future.
CONTACT:
Steve Hoviss
H2scan
28486 Westinghouse Place
Suite 100
Valencia, CA 91355
Tel: 661-775-9575 ext.621
Fax: 661-775-9515
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