Sources inform ''Globes'' that clean fuel start-up Engineuity Research and Development Ltd. has raised $2.2 million from BHCO. The company has developed technology for hydrogen-based fuel for vehicles.
BHCO confirmed the report, but declined to say what its stake was in the company. BHCO said it had an option to increase its stake to 50%. This is BHCO’s second cleantech investment, after investing in environmentally friendly pesticides developer BotanoCap Ltd. in late January in exchange for a 15% stake in the company.
Engineuity’s technology uses a light metal wire (such as aluminum or magnesium), water and a special conversion unit, to produce a continuous flow of hydrogen and steam under full pressure, temperature and power control. The hydrogen and steam produced, power a modified internal combustion engine. The production unit can also be used for producing hydrogen for fuel cells and other applications requiring hydrogen and/or steam.
The company claims that its technology overcomes obstacles presently associated with hydrogen: safety, fuel distribution and storage concerns are irrelevant because the hydrogen is produced onboard as it is consumed.
Ormat Industries Ltd. (TASE: ORMT) has invested $100,000 in the company.
Published by Globes [online], Israel business news - www.globes.co.il - on February 21, 2007
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