PolyFuel throws in the towel on portable fuel cells

Mountain View, Calif.-based direct-methanol fuel-cell developer PolyFuel (LON:PYF) said today that it's ceasing operations, asking shareholders for approval to liquidate the company's assets.

PolyFuel was developing portable fuel cells, even garnering a $2.5 million grant from the U.S. Department of Energy in April to miniaturize its portable power systems for mobile computing and to reach commercialization (see Cleantech calls on Uncle Sam this week). That's on top of $3 million the DOE awarded between 2004 and 2007 (see PolyFuel gets balance of grant from DOE).

The company had also developed a power supply for North Carolina-based Lenovo's ThinkPad notebook PC.

But just two months after its most recent injection of government funds, PolyFuel announced it was seeking additional capital to develop technology and products, build manufacturing capability, and commercialize products (see Achates Power rides diesel wave with clean engines). Trading of PolyFuel shares was suspended in July.

PolyFuel said the key to its technology was the hydrocarbon-based membranes that deliver more power, enabling a reduction in the size, weight and cost of fuel cell stacks (see New fuel cell membrane yields more power).

PolyFuel was a 1999 spinout of the Stanford Research Institute, which also developed technology for rechargeable lithium ion battery maker Imara and LED maker Lamina Ceramics (see Battery maker Imara emerges from stealth and Muscling the waves).

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