# Protonex Technology Corporation

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/protonex-technology

- Industry: Consumer Products
- Headquarters: Southborough, US
- Website: www.protonex.com
- Total disclosed funding: $11M
- Latest round: Series B (Jun 6, 2005)
- Investors on record: 9

## About

Protonex Technology Corporation specializes in the development of advanced power management and energy solutions, focusing on serving military and tactical sectors with innovative technologies.Protonex Technology Corporation is engaged in creating cutting-edge power solutions, primarily for military applications. The company is headquartered in Southborough, US and was acquired by Ballard Power Systems Inc in a Trade Sale deal worth CAD 30.000 mn on June 30, 2015. The current CEO is Paul Osenar, who leads the company in its strategic initiatives and operations.Protonex delivers innovative power management systems designed for military and tactical use, emphasizing reliability and efficiency. Their product portfolio includes advanced fuel cell systems and energy management solutions that support various military applications, enhancing operational capabilities. The company serves clients within North America, Europe, and Asia, catering to defense organizations seeking robust energy solutions.Protonex generates revenue through direct sales of its energy solutions to military and tactical entities, focusing on B2B transactions. The company's business model involves partnering with government agencies and defense contractors, providing comprehensive solutions that meet specific operational needs. Major products, including fuel cell systems, often involve substantial contracts reflecting their advanced technology.Protonex aims to expand its product offerings with new energy management systems designed to cater to evolving military requirements. The company has plans to explore new markets in Asia and Europe by 2025, aligning with global defense initiatives. The recent acquisition by Ballard Power Systems Inc will enable Protonex to leverage additional resources and expertise to support these growth efforts.

## Funding rounds

- Series B, Jun 6, 2005, $2M — Venture Capital Fund of New England, Yellowstone Capital Partners, Parker Hannifin Corp
- Series B, Apr 7, 2005, $9M — Conduit Ventures, Solstice Capital, Commons Capital, Massachusetts Green Energy, Parker Hannifin Corp, Contango Capital Advisors, Silicon Alley Seed Investors
- Series A, Mar 16, 2004 — Conduit Ventures, Solstice Capital, Commons Capital, Silicon Alley Seed Investors

## Investors

- Conduit Ventures (https://capitalatlas.ai/funds/conduit-ventures) — Series A, Series B
- Solstice Capital (https://capitalatlas.ai/funds/solstice-capital) — Series A, Series B
- Commons Capital (https://capitalatlas.ai/funds/commons-capital) — Series A, Series B
- Silicon Alley Seed Investors (https://capitalatlas.ai/funds/silicon-alley-seed-investors) — Series A, Series B
- Massachusetts Green Energy (https://capitalatlas.ai/funds/massachusetts-green-energy) — Series B
- Parker Hannifin Corp — Series B
- Contango Capital Advisors — Series B
- Venture Capital Fund of New England (https://capitalatlas.ai/funds/venture-capital-fund-of-new-england) — Series B
- Yellowstone Capital Partners (https://capitalatlas.ai/funds/yellowstone-capital-partners) — Series B