ReliOn has secured an additional U.S. $23 million in equity financing as a result of Series C funding activities.
The PCG Clean Energy & Technology Fund and Robeco join a strong syndicate of existing investors in ReliOn, including Oak Investment Partners, Enterprise Partners Venture Capital, Wall Street Technology Partners, Chrysalix Energy Venture Capital, Buerk Dale Victor, and ReliOn’s former parent corporation, Avista Corp.
With the completion of this Series C financing, Jasandra Nyker, Vice President of the PCG Clean Energy & Technology Fund, will join ReliOn’s Board of Directors. Ms. Nyker manages the co-investment activities of the PCG Clean Energy & Technology Fund. She will bring extensive investment experience, particularly in the international markets, and her contribution to ReliOn’s Board will be further bolstered by the strong investment platform of PCG Asset Management who oversees private equity commitments of approximately $15 billion through a combination of fund-of-funds, separate accounts and advisory relationships.
Rhea Hamilton, Senior Investment Manager of Robeco will be an observer to ReliOn’s Board of Directors. Her strength in international growth will provide valuable guidance, as well as Robeco’s global fund management leadership, with assets exceeding $213 billion.
The Series C funding will be used to accelerate the sales and marketing of its fuel cells, and continued technology innovation and development for future product technologies and applications.