01 Jun Virent gets $1.4 million investment for its hydrogen technology
Madison, Wis. — Virent Energy Systems Inc. said it has raised $1.4 million in a venture funding round led by Venture Investors.
The company, now about a year old, is developing University of Wisconsin-Madison technology for generating and using hydrogen fuel in car engines. Instead of trying to store the hydrogen, Virent’s method involves generating it from water and sugars inside the engine, using the engine heat to drive a chemical reaction.
The firm said Advantage Capital Partners, in St. Louis, also participated in the financing.
Virent’s venture financing will join approximately $4 million in grant money so far.
• Read more about Virent’s plans to develop hydrogen as an energy source