Wilmington, Mass.-based Lilliputian Systems aspires to commercialize a butane cartridge-powered fuel cell charger for consumer devices. The firm was spun out of MIT in 2002 and has raised more than $90 million from VCs including Kleiner Perkins, Atlas Venture, Fairhaven Capital, Rockport Capital, Stata Venture Partners and Altira Group. Lilliputian looks to combine silicon economics and fuel cells.

The firm just raised $11.1 million of a planned $21 million financing campaign, according to SEC filings. The firm received an investment from Intel Capital in November.

Here's a thorough recap of the fuel cell industry.

I relish announcements of VC investments in fuel cells, as they allow me to provide this list:

Here's an updated list of the top three profitable publicly held fuel cell firms:


Last year Lilliputian won a $5 million loan from MassDevelopment and the Massachusetts Clean Energy Center to purchase wafer manufacturing equipment for its Wilmington plant.  

With a VC investment of $90 million, and VCs requiring a substantial multiple -- what firm might acquire Lilliputian, a 10-year-old company with negligible revenue and customers?