[Funding News] Protonas Raises Funding Round led by Transition VC

Protonas, a firm that specialises in affordable polymer electrolyte membrane (PEM) hydrogen fuel cell systems, has obtained an undisclosed sum of money in a round headed by Transition VC.

The cash will be allocated towards establishing first manufacturing operations in Chennai and advancing the development of prototype systems. The corporation, headquartered in Tennessee, United States, has a subsidiary located in Chennai.

The company's objective is to implement its technologies in order to provide cost-efficient backup power applications in the North American markets. Furthermore, its objective is to provide energy for fuel cell engines used in three-wheeler transportation and four-wheeler delivery applications in India and other Asian countries.

Read also - AugurAI Secures SISFS Seed Fund through SASTRA FIRST TBI

DeVeries states that Transition VC's primary focus on emerging alternative energy solutions and vast networks in India will assist Protonas in its first growth phase, facilitating access to both Indian and international markets.

David DeVries, founder, Protonas, said: “We will use the funding to set up tooling for manufacturing and purchase the necessary equipment to establish our assembly line to build fuel cells. We will also use some funds to develop working prototypes for various applications that we have,”

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.