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ReliOn gets $20 million in new venture capital
[May 20, 2006]

ReliOn gets $20 million in new venture capital

(Spokesman-Review, The (Spokane, WA) (KRT) Via Thomson Dialog NewsEdge) May 20--Spokane fuel cell company ReliOn Inc. netted another $20 million in venture capital financing last month.

The money will be used to boost the number of salespeople, and advance new product development, said spokeswoman Sandra Saathoff.

ReliOn, formerly known as Avista Labs, was spun off of Avista Corp. several years ago on the success of its hydrogen fuel cell technology that serves as backup power sources.

The new money was raised from existing investors, which include Buerk Dale Victor LLC, Wall Street Technology Partners, Chrysalix Energy LP, Oak Investment Partners, Enterprise Partners Venture Capital, and Avista Corp.

The $20 million that was deposited in April follows a $25 million investment in November 2004, and an initial $12.5 million in 2003.

The company sells fuel cells that provide backup power in the range of 500 watts to 5 kilowatts for uses that range from cell phone systems to government operations and utilities.

The company has sold fuel cells to customers in Europe, South America and Japan. The company has a new longer run-time prototype system that could be ready for commercial sales next year.

Earlier this month, ReliOn announced the hiring of Dave Edlund to help lead the company's research and developments activities.

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