E4tech has conducted technical, market and business assessments of target companies as part of full due diligence processes, and similar assessments of major projects where government or multilateral funding is sought. These analyses have been conducted for investment banks, venture capital funds, governments and multilateral agencies, and we have written the ‘Competent Person’s Report’ for the successful AIM listings of fuel cell sector companies PolyFuel, Inc., Protonex, Inc. and CMR Fuel Cells.

Fuel cells & Hydrogen

We believe we have unparalleled breadth and depth of knowledge in the area of fuel cells and hydrogen energy, having conducted detailed assessments on:

• fuel cells (PEM, SOFC, MCFC, DMFC) and key components (e.g. membranes)
• PEM and alkaline electrolyser technologies
• novel hydrogen production technologies

David Hart also sits on the Investment Advisory Committee of Conduit Ventures Ltd., a fuel cell and hydrogen energy-focused VC. (Note that E4tech is independent from Conduit Ventures). Adam Chase is an assessor for the UK Government’s Hydrogen, Fuel Cells and Carbon Abatement Technologies demonstration grant fund.

Bioenergy

We have broad and deep expertise for technical, market and business assessments in the bioenergy area. We have investigated a range of technologies, companies and projects in:

• biofuels for transport
• bioenergy for electricity and CHP
• waste to energy

E4tech has strong relationships in the bioenergy area with a varied group of investors including venture capital funds, investment banks, hedge funds and private equity groups. We have also acted as advisors to government and multilateral organisations on technology innovation in bioenergy.

Objectivity

Our services are built on a solid foundation of technical and business understanding across the technology sectors in which we work, set in the wider energy context. For very specific cutting-edge technical knowledge we draw on a global network of experts with whom we collaborate on an associate basis. We do not advocate specific or generic technology areas, but provide objective analysis and advice.

Sectoral relevance

Each technology and each sector is in a different stage of development, and faces different market drivers and constraints. Although ‘fuel cell’ is a convenient high level classification, the individual technologies are actually as different as piston engines and gas turbines. The same is true of bioenergy technologies, which involve biological, chemical and thermal conversion processes.

Our services are based on an understanding of the different technologies, the range of applications they could be suited for over time, and the market and policy factors affecting their potential in a given sector. We also understand and take into account the complexities and subtleties of the supply and value chains related to the technologies and sectors considered.

Example projects

A selection of the publicly known target companies and clients for which we have provided assessment services is below:

AIM listings of PolyFuel, Protonex and CMR Fuel Cells – E4tech provided the Competent Person’s reports for inclusion in the admission documents for each of the above, having conducted detailed technical and market assessments

Private investment in Pemeas – an investment was made in Pemeas (now acquired by BASF) following our full technical and market assessment

Private investment in P21 – we carried out a focused cost, supply chain and market analysis which enabled an investment to be made in P21.

In the bioenergy area, we have advised investors on projects and companies involving technologies such as gasification, pyrolysis, fermentation and anaerobic digestion.

Sample Clients