Maybe fuel cells are a sector to watch, after all.

Three companies, one in London and two in California, got money just this week alone. It's a sector poised for growth if you believe our conclusions from recent research by industry analysts Clean Edge.

This week, in cleantech/greentech dealflow:

• Intelligent Energy of London, a developer of fuel cell power systems, raised over $17 million USD. The company develops fuel cell, fuel processing, desulphurization and hydrogen generation technologies, recently used by Boeing and ENV. The fundraising was comprised of a number of private placements, and an open offer to all existing shareholders. New subscribers included Credit Suisse Securities (Europe), Black River Commodity Clean Energy Investment Fund, Black River Global Equity Fund, Meditor Capital Management and Evolution Placements.
• Superprotonic, a Pasadena, Calif.-based developer of solid-acid fuel cells, held a first close on a $16.2 million second-round of funding. US Venture Partners led the deal, and was joined by Dow Chemical Ventures and return backers CMEA Ventures, Nth Power Technologies, Hydro Technology Ventures, Battelle Ventures, Innovation Valley Partners and OnPoint Technologies.
• Power Air of Livermore, California, a developer zinc-air fuel cell stacks and systems, completed a loan. The loan is secured by the assets of the company and its subsidiaries, and resulted in gross proceeds to Power Air of $2.19 million. Each lender received a note bearing interest at 10% and allowing for equity consideration certificates, entitling the bridge lenders to receive stock and warrants equal to the value of the principal they invested. Paulson Investment Company structured the loan on behalf of the company.
• Fuel cell company Plug Power is in the process of negotiating the acquisition of General Hydrogen Corporation, a leader in hydrogen fuel cell power packs as battery replacement technology for electric lift trucks and other industrial vehicles. In a statement, Plug said discussions are ongoing, and can't provide assurance that a deal will be made. Plug recently snapped up another forklift fuel cell maker (see Cleantech.com's Plug Power acquires forklift fuel cell maker Cellex.)
• Comverge of New Jersey priced at $18 per share for its IPO of last Friday, for a take of approximately $95.4 million. It originally filed to price around 4.89 million common shares at between $15 and $17 per share. Comverge is trading on the Nasdaq under ticker symbol COMV, and is trading today at $21.55, down somewhat from a midweek high of $24.05. Citigroup served as lead underwriter. The company had raised nearly $40 million in VC funding from firms like Nth Power, EnerTech Capital Partners, Rockport Capital Partners, Norsk Hydro Ventures, Ridgewood Capital, Easton Hunt, Data Systems & Software Inc., Air Products & Chemicals Inc. and Partners for Growth.
• A Dutch affiliate of the international oil and gas company Mercuria Energy Group signed contracts to investment EUR 42.5 million to build a 200,000 tonne biodiesel plant at the Port of Amsterdam. The plant is scheduled to come into production summer 2008 and will create approximately 30 jobs.
• It's not a conventional private equity deal as usually reported here in dealflow, but hey, it's a slow news week: the Australian government announced it will provide more than $12 million AUD [$10 million USD] to support a first "solar city" in central Australia. Alice Springs will install solar photovoltaic panels on 230 homes and businesses, 1,000 solar hot water systems, roll-out 400 smart meters and provide solar installations to generate heat and power for the local airport, arts center, town pool and sewage treatment facility.

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