Mingxin China Growth Fund backs liquid fuel cell specialist

The size of the investment was not disclosed, but the proceeds will be used for Oorja's expansion into the telecommunications industry and enlarging its global distribution network.

Founded in 2005, Oorja produces portable liquid fuel cells for the material handling and telecom tower industry, which will effectively reduce operating costs and greenhouse gas emissions. In August, it secured a three-year contract with a Mexico-based solar energy company to sell its flagship product - Direct Methanol Fuel Cells system - in the Latin American telecom market.

"Oorja's Direct Methanol Fuel Cells are the most economical and have the widest variety of global applications of any methanol fuel cell technology on the market, and as costs come down, will compete in the massive global diesel generator markets," Mark Louie, managing director of Mingxin China Growth Management, said in a statement.

Oorja claims the global fuel cell industry reached $1.3 billion in revenue in 2012, up from $847.5 million in 2011.

Mingxin China Growth Fund manages two US Dollar-denominated vehicles, namely Mingxin China Growth Fund I and II, as well as renminbi fund Govtor Mingly Growth Venture Capital. The funds invest in growth stage companies, across healthcare, pharmaceutical, cleantech, telecom, media and technologies industries.

The private equity firm has also launched Yantai Venture Capital investment vehicle with Yantai municipal government and Hongda Fund, and Mingxin (Chongqing) Equity Investment Fund in Chongqing through the Qualified Foreign Limited Partner (QFLP) pilot program.

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• Topics
• Greater China
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