Teragen Energy has raised an oversubscribed $6 million Pre-Seed round co-led by BEVC and Energy Capital Ventures, with participation from AP Ventures, AIC Ventures, Massachusetts Clean Energy Center and UntroD Capital Asia.
The Boston-based company is developing advanced modular fuel cell systems for data centers, industrial facilities and utilities.
Teragen plans to use the financing to advance its technology from prototypes toward its first commercial pilot projects, expand testing and manufacturing infrastructure, grow its engineering team and accelerate commercialization with customers and partners.
The company’s technology is based on a novel solid oxide fuel cell architecture co-invented by CEO Dr. Ruofan Wang at Berkeley Lab.
Teragen said its architecture is designed to improve cost, efficiency, power density and responsiveness for distributed power applications. The technology is also fuel-flexible, produces near-zero local pollutants and can be configured to support energy storage or carbon capture.
KEY QUOTES:
“Today’s society runs on electricity, and tomorrow’s even more so. By redefining what a fuel cell can do, Teragen Energy can drive down both electricity costs and emissions without sacrificing reliability.”
Dr. Ruofan Wang, CEO of Teragen Energy
“Teragen Energy’s next-generation fuel cell technology holds promise to play a key role in addressing the energy trilemma, offering a lower carbon, reliable, dynamic power solution with compelling economics.”
Joshua James, Investor at BEVC
“The natural gas industry is the backbone of the energy expansion. The industry needs more modular and scalable technology to provide the clean, safe, reliable, cost-effective energy of the future. Teragen’s next generation fuel cells are vital to the future of energy and the energy expansion.”
Victor Pascucci III, Managing General Partner at Energy Capital Ventures
