Cary-based INI Power Systems, Inc. (www.inipower.com), a developer of methanol powered micro-fuel cells, has closed a $3 million Series A equity financing led by Morrissey Hawthorne Inc. of Calgary, Canada, MHI Energy Partners of Norwalk, CT, and Illinois Ventures of Chicago, IL. INI will use the funds to continue the development of the company's patented laminar
flow micro-fuel cells for portable power applications.
INI has also been awarded a $750,000 Phase II STTR contract by the Army Research Office to fund the development of a 20-watt portable power device for military applications. INI's laminar flow fuel cell system could potentially replace rechargeable batteries used in portable electronics such as laptops and PDA's. I NI was founded in 2002 in Illinois with technology licensed from the University
of Illinois at Urbana-Champaign.
INI Power Systems is a CED member.