Polyfuel aiming for London stock offering

June 13, 2005 — Polyfuel Inc., a Mountain View, Calif., company that makes fuel cell membranes, plans to list on the Alternative Investment Market of the London Stock Exchange sometime this month, according to a Financial Times report. A Polyfuel spokesperson confirmed the report but declined to elaborate.

The listing could raise more than $21 million and could value the company at more than $72 million. Membranes are at the core of a fuel cell. Like the microprocessor in a computer, their performance sets a baseline for the performance of the entire system.

Polyfuel has developed different types of membranes that are specifically engineered for distinct markets.

In 2003, it introduced a membrane for direct methanol fuel cells designed to be smaller and last longer than those ordinarily used. In October 2004, it unveiled a membrane for hydrogen fuel cells designed to provide better performance and durability for automotive and industrial uses.

The hydrogen membrane uses a lattice of nano-structured hydrocarbons to support a grid of conductive blocks through which protons flow as the fuel cell generates electricity.

- David Forman

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