Nanostellar has announced that it's received $3 million in funding. The Menlo Park, Calif.-based start-up is aiming to replace platinum, a crucial ingredient in the catalytic converters in today's cars and in , with a composite of platinum and less-expensive materials. The cost of platinum has been cited by many as one of the challenges facing the fuel cell industry.
Investors included 3i, a British venture capital firm that has been increasingly active in the United States over the past five years, and private individuals. Nanostellar was founded by William Miller, a Stanford University professor who also has served as CEO of SRI International.