Pragma Industries Receives Funding to Develop Fuel Cell Technology

Pragma Industries, a fuel cell development company based in France, has raised almost €412,000 to advance technology for their hydrogen fuel cell technology. The company has been focusing on fuel cells since 2004 and announced yesterday that three different major companies would be providing the venture capital for the project.

Finaqui, an investment company in Bordeaux, and Oséo Capital  in Maisons-Alfort are two of the main investors for the company. Past funding has not been announced by the company, although the new amount is expected to cover the last phases of development for the company’s fuel cell technology.

Pragma aims to design a hydrogen fuel cell with the capability to generate power in ranges from 100 watts up to 10 kilowatts by 2011. Pragma is currently studying polymer electrolyte membrane (PEM) technology which is most commonly used in hybrid and electric vehicles as a battery source. A PEM fuel cell utilises hydrogen fuel combined with oxygen to generate electricity.

PEM fuel cells are becoming increasingly popular. In 2008 alone, IdaTech in Oregon supplied 30,000 of the cells to Acme Group in India, and Ballard Power Systems will supply an additional 5 kW of fuel stacks to the India company as well.

Pragma will have some competition in the fuel cell market in France, as Hydrogenics in Ontario looks to expand into the European market having just signed two deals across the pond last month. Hydrogenics produces fuel cells products that run on hydrogen to generate electricity. The company supplies to energy, transportation, and several other industries in related areas.