Power Air Corp. announced that it has signed an agency agreement with Terra Nova Capital Partners, Inc. to raise an institutional round of up to $5 million. The agreement allows for some limited exclusivity in North America. Since becoming publicly traded via a reverse merger in October 2005, Power Air has raised $4 million from investors who are convinced of the commercial potential of its exclusive Zinc Air Fuel Cell (ZAFC) technology.
“Having achieved all of our early targets, Power Air’s Board is now confident that we are ready for the more extensive diligence of Institutional investors,” states Remy Kozak, President and CEO of Power Air. “TerraNova came highly recommended as an equity raising partner by FBP Capital, the group that advised us on our first two private placements.”
Power Air recently signed an OEM Partnering agreement with Schrader-Bridgeport for collaboration on an Emergency Back-up Generator replacement product for the North American market. The company continues to develop its core ZAFC-stack through extensive testing and rework of the design.
“Power Air is precisely the type of company we look to work with,” adds Andre Schwegler, Managing Director, Public Capital Markets for Terra Nova Capital. “With oil prices still going up, Power Air’s alternative-fuel technology has attracted a lot of positive attention. Add to that a well-defined product and market with defensible advantages and the company appears to have a very bright future.”