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Infinite Power Solutions Gets $13 Million for Solid-State Rechargeable Batteries
December 8, 2008Source: Clean Edge News
Infinite Power Solutions, Inc. (IPS), a developer of solid-state,
rechargeable thin-film batteries, recently 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. According to the company, 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.
The company says existing financial investors D. E. Shaw Ventures and
Polaris Venture Partners led the Series B round,
and were joined by 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.
IPS reports that its 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 says the 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.