Pajarito Powder LLC announced a first close of $250,000. The company placed 50% of its expected $500,000 offering. This is the second US private placement initiated by Pajarito which raised $576,000 in a previous non-brokered financing. The company is backed by the Verge Fund a seed stage Southwest investment firm.
The company is perfecting a way to shape the physical and chemical reactions in fuel cells so they can consistently deliver electrical power over long periods of time via a controlled chemical reaction using a powdered catalyst. The technology is developed to replace prohibitively expensive platinum catalyst and its vulnerable supply chain.
The company, located in Albuquerque NM, has been created in 2012 around a portfolio of technologies developed at the University of New Mexico and Michigan State University. Pajarito is lead by Paul Short (CEO), Thomas Stephenson (President and CFO) and Barr Halevi (CTO).