C&I, Storage

Fuel Cell Co. Secures Private Financing

July 22, 2003[SolarAccess.com]Avista Labs, a provider of fuel cell solutions for backup power, has secured US$7.5 million in its first round of independent financing. The capital will support Avista Labs continuing development and commercialization of its proprietary line of fuel cell products, which are currently being sold and installed in commercial applications. Cascadia Capital acted as advisor to Avista Labs on the financing round. Former parent company, Avista Corporation, will retain 19.9 percent ownership of the new entity, AVLB Inc., which will continue to do business under the name Avista Labs. The company currently markets three fuel cell products for commercial and industrial backup power solutions in the 50-watt to 5 kW range. Partner, Adam Lichtenstein, of Wall Street Technology Partners said that two years ago Avista Labs purposely shifted their market focus to the premium power markets with fuel cells running on bottled hydrogen for backup power applications.