Infinite Power Solutions Raises $20.0MAugust 18, 2010
Completing its Series C round of financing, the company will focus on increasing manufacturing capacity, extending its sales channels, and supporting R&D into its trademark rechargeable energy storage devices.
LITTLETON, CO -- Infinite Power Solutions, Inc. (IPS) announced that it has successfully completed its series C round of financing—raising $20 million. In response to growing customer demand, the new capital will be used to expand the company's manufacturing capacity, accelerate the build out of its global sales channels and further support advanced research and development of its eco-friendly, THINERGY solid-state rechargeable energy storage devices.
Existing financial investors D. E. Shaw Ventures, Polaris Venture Partners and Core Capital Partners co-led the financing, which also included new investor Generation Investment Management and participation by Applied Ventures, LLC, and two additional strategic investors. Earlier investors in the company included Texas Instruments and In-Q-Tel.
Generation Investment Management is an independent, sustainable investment firm headquartered in London, UK. Its approach is based on the idea that the incorporation of sustainability factors, such as economic, environmental, social and governance criteria will drive a company's returns over the long term.
"We are excited to have Generation join our group of financial and corporate investors who have recognized the game-changing attributes of our rechargeable, safe and reusable thin-film energy storage devices," commented Ray Johnson, IPS' president and CEO. "This financing provides us with the capital to continue the build out and expansion of our operational capabilities and global market presence."
"IPS brings breakthrough rechargeable energy solutions to the universe of small devices," said Alexander Wong, Head of D. E. Shaw Ventures. "IPS' products enable a plethora of novel applications in multiple markets including wireless, consumer, medical and defense."
About Infinite Power Solutions
Infinite Power Solutions, Inc. (IPS)—a U.S.-based, clean-technology company—is a leader in 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 in Littleton, CO. The company markets its revolutionary family of thin-film Micro-Energy cell (MEC) products under its THINERGY brand. The company is the only ISO 9001 certified manufacturer of solid-state, thin-film batteries. The company's energy storage products, with unrivalled performance, size and service life, displace coin cells, supercapacitors, and other micro-batteries in a variety of applications. The company's THINERGY MECs and INFINERGY Micro Power Modules (MPMs) uniquely enable ambient energy-harvesting solutions to create miniature, autonomous, perpetual power supplies to address the growing demand among customers in the wireless sensor, active RFID, powered smart card, medical device, consumer electronics, automotive and civil/military/aerospace markets. THINERGY and MEC are registered trademarks of IPS.
About Generation Investment Management, LLP
Launched in 2004, Generation Investment Management LLP is an independent, private, owner-managed partnership with offices in London, New York and Sydney. Generation's investment approach is based on the idea that sustainability factors—economic, environmental, social and governance criteria—will drive a company's returns over the long term. By integrating sustainability issues with traditional analysis, Generation aims to deliver superior investment returns. Generation Investment Management LLP is authorised and regulated in the United Kingdom by the Financial Services Authority.
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 1,500 employees; approximately $21 billion in investment and committed capital as of July 1, 2010; and offices in North America, Europe, the Middle East, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.
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.
About Texas Instruments (TI)
Texas Instruments (NYSE: TXN) helps customers solve problems and develop new electronics that make the world smarter, healthier, safer, greener and more fun. A global semiconductor company, TI innovates through manufacturing, design and sales operations in more than 30 countries.
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the missions of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, IQT'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, IQT engages with entrepreneurs, startups, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and broader Intelligence Community.
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