Welcome!

News Feed Item

Oorja Closes Series E Funding for Global Expansion in Multi-Billion Fuel Cell Market

Oorja, the world leader in liquid fuel cell technology, today announced the close of a Series E investment round. New investor Mingxin China Growth Fund joined previous backers including DAG Ventures in the oversubscribed round. Oorja’s patented Direct Methanol Fuel Cells (DMFC) are powered by an abundant and readily-available liquid fuel, methanol.

“Oorja has emerged successfully from the wave and subsequent crash in energy tech investing with our Direct Methanol Fuel Cell technology,” said Dr. Sanjiv Malhotra, CEO and president of Oorja. “The continued commitment from international investors is a resounding endorsement of the company’s technical accomplishments, operational successes and vision for global growth into massive addressable markets.”

The global fuel cell industry surpassed $1 billion in revenue in 2012, growing from $847.5 million in 2011 to $1.3 billion in 2012.1 The OorjaPac DMFC system is already in use by some of the world’s largest materials handling and telecommunications companies. The investment round follows a $4.2 million purchase order and distribution agreement in Latin America and other recent milestones including:

  • A strategic partnership for commercialization and distribution of methanol fuel cells in South Africa with HySA/Catalysis
  • A research agreement with Lawrence Berkeley National Lab to develop fuel cells for electric vehicles
  • Customer deployments with the company’s long-standing Fortune 50 customers in material handling

"Oorja is the only company in the world with a commercially successful methanol fuel cell for multiple, high-growth applications,” said Tom Goodrich, managing director of DAG Ventures. “The company is well positioned to supply these fuel cells to meet specific needs in multiple global markets including refrigeration, transport and mobile communications infrastructure.”

The new funding round will support Oorja’s continued success supplying the OorjaPac to the material handling business. It will also jumpstart Oorja’s expansion into the telecommunications industry for network towers and growth of the company’s global distribution network.

“Oorja’s Direct Methanol Fuel Cells are the most economical and have the widest variety of global applications of any methanol fuel cell technology on the market, and as costs come down, will compete in the massive global diesel generator markets,” said Mark Louie, managing director of Mingxin China Growth Management. “We are joining a set of world-class investors to back Oorja as the company is primed for rapid growth, particularly in new international markets.”

Customers in the materials handling industry use the OorjaPac as an on-board battery charger for a wide variety of Class 3 vehicles. The OorjaPac keeps the vehicle’s battery at a constant state of charge, eliminating the need for battery swapping and rapid charging. The self-contained, compact OorjaPac requires minimal retrofitting and provides an attractive payback for the Telecommunications market by ensuring uninterrupted power supply and, in some cases, replacing less efficient and high-emissions diesel generators.

About Oorja

Oorja is the world leader in liquid fuel cell technology for the material handling and telecommunication tower industries. Oorja fuel cells utilize a common, abundant and readily-available liquid fuel, methanol. The company’s patented technology provides a high-power solution for multiple applications, allowing customers to lower operating costs while reducing greenhouse gas emissions. The company is headquartered in Fremont, Calif. For more information, visit www.oorjafuelcells.com

1 Navigant Research, Fuel Cells Annual Report 2013

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.