LITTLETON, CO /PRNewswire/ -- Infinite Power Solutions, Inc. (IPS), a leader in the development and commercialization of solid-state, rechargeable thin-film batteries, announced the completion of its Series B round of financing, raising $13 million in new capital to fund the ramp to volume production of its new THINERGY micro-energy cell (MEC) product family. This recent financing augments the $35.7 million IPS raised in 2006 during its Series A round, which was used for the construction and build-out of the world's first facility for volume manufacturing of solid-state, rechargeable thin-film batteries. Completed this year, this new facility will begin initial production shipments to customers this month.
Existing financial investors D. E. Shaw Ventures and Polaris Venture Partners led the Series B round, and were joined by the company's other existing investors Core Capital Partners, Applied Ventures LLC (the venture capital arm of Applied Materials) and In-Q-Tel, along with a new, unnamed strategic investor. Based on the strength of its innovative technology and products, IPS has earned the distinction of being the recipient of the largest private equity investment for any new thin-film micro-battery technology over the past decade.
IPS' THINERGY MECs represent a new class of electronic components that are ultra-thin and flexible—providing nearly lossless energy storage along with unrivaled rechargeability, cycle life and power performance. IPS' MECs are ideal for harvesting and storing all forms of ambient energy such as solar, thermal, RF, magnetic and vibration energy, providing a safe, reusable and clean energy source that can deliver a lifetime of power to electronic devices and systems.
"It is a testament to our compelling value proposition that even in today's very difficult financing environment, we were able to raise all the capital we require for the global launch and ramp to volume production of our THINERGY micro-energy cell product family," commented Ray Johnson, IPS president and CEO. "The Series A funding two years ago allowed us to build out our production facility in Colorado, while this latest round allows us to expand our sales channels and increase our applications engineering resources to further support our customers and strategic partners. This will accelerate the widespread industry adoption of our technology and product solutions."
"IPS delivers a new energy storage solution enabling devices to power themselves autonomously with energy harvested from the surrounding environment," said Alexander Wong, a managing director of D. E. Shaw & Co., L.P., head of D. E. Shaw Ventures and an IPS director. "Because IPS' products have a small and highly adaptable form factor, they provide a unique solution to powering devices ranging from wireless sensors to active RFIDs and real- time location systems."
Bob Metcalfe, general partner at Polaris Venture Partners and IPS director, added, "IPS' thin-film micro-batteries, or as we like to call them, micro-energy cells, offer important new capabilities to the 10 billion embedded controllers shipped every year. With our robust rechargeable MECs, microcontrollers can be equipped with energy harvesting and wireless networking to find wide application in environmental sensing and energy management."
About Infinite Power Solutions
Infinite Power Solutions, Inc. (IPS), a U.S. based clean-technology company, is the global leader in developing, marketing and manufacturing solid-state, rechargeable thin-film micro-energy storage devices for a variety of micro-electronic applications. Founded in 2001, IPS is privately held with corporate headquarters and manufacturing facilities in the western suburbs of Denver, CO. The company has completed the build-out of the world's first volume manufacturing facility dedicated to the production of its revolutionary thin-film micro-energy cell (MEC) products (often referred to as thin-film batteries). IPS has recently commenced pre-production activities at this state-of-the-art facility to address growing demand among customers in the wireless sensor, active RFID, powered smart card, medical device, consumer electronics, automotive and civil/military/aerospace markets.
About Applied Ventures
Applied Ventures, LLC, a subsidiary of Applied Materials, Inc., invests in early stage technology companies with high growth potential that provide a window on technologies that advance or complement Applied Materials' core expertise. Applied Ventures' investments help develop technologies and markets that provide natural extensions of Applied Materials' businesses and can stimulate the growth of applications for its products and services. Applied Materials, Inc. is the global leader in Nanomanufacturing Technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass.
About Core Capital
Core Capital is a venture capital firm headquartered in Washington, DC. The firm currently manages $350 million and provides capital to high-growth technology companies. Core Capital focuses on the kinds of disruptive, "core" technologies that enable or enhance data and communication, financing emerging opportunities in wireless, security, video, internet media, and software. To date, the firm has backed over 40 companies, with successful investments in a wide range of information technologies and business services.
About D. E. Shaw Ventures
D. E. Shaw Ventures is the venture capital unit of the D. E. Shaw group. The D. E. Shaw group is a global investment and technology development firm with more than 1,600 employees; approximately $36 billion in investment and committed capital as of October 1, 2008; and offices in North America, Europe, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. In-Q-Tel concentrates on five broad commercial technology areas, including application software and analytics; bio, nano, and chemical technologies; communications and infrastructure; digital identity and security; and embedded systems and power. To date, In-Q-Tel has engaged with more than 125 companies and delivered more than 140 technology solutions to the Intelligence Community.
About Polaris Venture Partners
A national venture capital firm with over $3 billion under management, Polaris invests in seed, early stage and growth equity businesses in the technology, life science, digital media, enertech and consumer products and services sectors.