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Fuel cell developer Trenergi Corp. has raised more than half of a seed round of $1 million in debt, according to a regulatory filing and the company’s president.
The Hopkinton-based company, now about a year old, is aiming to develop fuel cells that would generate electricity for residences while producing heat and hot water as a free byproduct. The technology is intended to save an average of approximately 28 percent of energy cost, said company president Charles Myers.
Trenergi has raised $610,000 out of a total $1 million debt round, according to a filing with the U.S. Securities and Exchange Commission. Myers said the funding came from family, friends and other investors, who Myers did not name.
Myers said the funds are supporting the company’s proof of concept, which should be complete next week, and the company’s alpha phase of development of field units. The company will soon pursue venture funding, he said.
The company is developing 1-kilowatt, 3-kilowatt and 5-kilowatt units. “Three sizes allow us to offer the best size for the square footage of the residence,” Myers said.
Beta testing will include exposure of the units to a variety of climates and usages, he said. Trenergi is aiming to have a commercially-available product in less than three years, Myers said.
The company has six employees, he said. The CEO is Norman Strate, who has been active in the local tech startup scene in recent years.
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