VOLLER Energy, the Basingstoke-based new technology company, has made its first acquisition since floating on the Alternative Investment Market.

Working out of the town's Basepoint centre, the company raised a massive £10million from the AIM flotation at the start of this month and has now invested £250,000 in buying the German research laboratory of KAT-Chem, a developer of hydrogen reformer technology.

KAT-Chem, a subsidiary of MIR-Chem, was founded in 2001 by academics from the University of Bremen in northern Germany.

Voller Energy acquired two patents as part of the deal and is now running the Bremen laboratory with its two German employees.

It has also bought KAT-Chem's analytical equipment.

The KAT-Chem hydrogen technology will be used to push forward Voller Energy's range of portable fuel cell systems for use as mobile generators and battery chargers.

The Basingstoke company was founded by Stephen Voller, chief executive, and Mike Clarke in 2002, and is building markets for its three products in temporary buildings where there is no power, yacht battery chargers, recreational vehicles, the power tool hire market and military lightweight generators and battery chargers.

Shares in Voller Energy initially floated at 74p on the AIM and, this week, as Voller announced its German acquisition, they were standing at 75p. "I'm more than happy," said Mr Voller.

Last year, Voller Energy welcomed new chairman John Brown, the retiring chief executive of Wigan-based Speedy Hire. And, since the flotation, it has recruited Dr Mark Turpin as its chief technology officer.

Dr Turpin will lead the development of Voller's new technology to strengthen its intellectual property portfolio and manage the German laboratory.

He has experience in the integration of fuel cell energy systems and in the generation of hydrogen from hydrocarbon sources.

Dr Turpin, 42, previously worked for Morgan Crucible, where he was responsible for research and development in a $25million-turnover carbon business and headed up 22 scientists and engineers.

He is also the inventor of more than 20 UK patents, with 20 fuel cell-related UK patents either granted or pending.

Mr Voller said: "I am delighted to welcome Dr Mark Turpin to Voller Energy. He has a wealth of experience and technical knowledge in the fuel cell sector, which will be invaluable to us as we move forward.

"We are also excited to complete the acquisition of KAT-Chem, which not only gives us considerable IP and know-how in the important reformer area, but also has the potential to produce powerful, compact and low-cost products in the near future."

Mr Voller and Mr Clarke worked for two years without drawing a salary when they founded the company. They had to raise £15,000 from their own pockets to match a £45,000 development grant from the DTI and persuade business angel investors to pump in another £350,000 to win a further DTI grant of £133,000.

As Voller Energy geared up to its AIM flotation, Mr Voller said: "It's been tough, but if you believe in something passionately enough, you put your heart and soul into it."