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Avista Labs Secures $7.5 Million in Independent Financing.

Spokane, WA-based fuel cell developer Avista Labs recently announced it has secured $7.5 million in its first round of independent financing to "provide the necessary capital to support [the] continuing development and commercialization of its proprietary line of fuel cell products, which are currently being sold and installed in commercial applications."

The company said its financing syndicate includes Vancouver, Canada-based Chrysalix Energy, Wall Street Technology Partners of New York, NY and Buerk Craig Victor of Seattle, WA.

"Going forward, this group of investors is poised to accelerate our commercialization efforts," said Avista president and CEO Mike Davis. "They provide access to a strong pool of resources and expertise that will attract partners and customers to the company's unique offering. Together, we can continue to build on Avista Labs' leadership position in the premium power markets and beyond."

Contact: Sanda Saathoff, Avista Labs, phone 509-228-6553, e-mail ssaathoff@avistalabs.com.

(EIN STAFF: 7/21)

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Publication:Fuel Cells Today
Geographic Code:1USA
Date:Jul 24, 2003
Words:160
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