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News and Information Article
The D. E. Shaw group, Polaris, Core Capital, and Applied Materials Back
Breakthrough Technology
GOLDEN, Colo., Sept. 6 // -- Infinite Power Solutions (IPS)
announced today that it raised $34.7 million primarily to build new
facilities for high-volume manufacturing of its LiTE*STAR(TM) thin-film
batteries. Proceeds from this deal will also be used to accelerate business
development and continue innovation of future battery technologies.
The D. E. Shaw group and Polaris Venture Partners led the investment.
Other new investors include Core Capital Partners and Applied Ventures, LLC
(the venture capital fund of Applied Materials). Also joining the round
were existing investors including Advanced Energy Technologies (AET), and
SpringWorks (a wholly-owned subsidiary of the Petters Group).
"We are extremely excited about the strategic value this top-tier
venture capital group brings to our company. Combined with our current
investors, this group adds a wealth of industry experience and contacts
that will allow IPS to maintain its industry leadership in thin-film
battery technology," said Raymond Johnson, president and CEO of IPS. "This
new capital will enable us to scale our technology, build state-of-the-art
fabs, and ramp to high volume production."
Founded in 2001, IPS has focused on commercializing its thin-film
battery (TFB) technology. Dr. Bernd Neudecker (CTO of IPS) and his team of
battery experts have continued to perfect the technology to where it can
now be mass-produced by IPS on a thin, inexpensive, flexible substrate.
Serving on IPSs new board of directors are Raymond Johnson (IPS), Dr.
Alexander Wong (the D. E. Shaw group), Dr. Robert M. Metcalfe (Polaris
Venture Partners), Jonathan M. Silver (Core Capital Partners), George Danko
(SpringWorks), Michele Klein (Applied Ventures, Observer), and Michael
DeConcini (Tucson Electric Power, Observer).
Alex Wong of the D. E. Shaw group said, "Infinite Power Solutions has
clearly shown their capability to manufacture a new generation of powerful,
ultra-thin, micro-batteries to meet a growing demand for smaller, flexible
and rechargeable power sources. Were pleased that this investment will
move IPS technology into high volume manufacturing and expand its market
applications."
Bob Metcalfe of Polaris said, "Weve seen many start-ups with new
battery chemistries. The IPS solid-state TFB technology, with its
postage-stamp size, extreme durability, high power, flexibility, and
virtually infinite rechargeability, is truly disruptive. In 2007, a
projected 10 billion embedded micro-controllers will be shipped worldwide
in a vast variety of applications. Many new applications of
micro-controllers, sensors, and tags will be enabled by IPS rechargeable
TFBs."
About Infinite Power Solutions, Inc.
Infinite Power Solutions, Inc. develops, manufactures, and markets
ultra-thin, flexible, rechargeable, solid-state, thin-film lithium
micro-batteries under its LiTE*STAR(TM) brand. IPS batteries serve
applications within the military, aerospace, smart card, active RFID,
implantable medical device, embedded micro-controller and wireless sensor
markets. The IPS rechargeable thin-film battery technology provides
industry-leading performance. It combines proven thin-film battery
chemistry, a patented encapsulation and ultra-thin, flexible package design
to provide a compelling micro-battery solution that is unrivaled in
thinness, rechargeability, and power capability, yet remains safe and
environmentally friendly. With its solid-state electrolyte, LiTE*STAR
batteries are ideal for extreme temperature applications and can be
embedded into multi-layer rigid or flexible printed circuit boards. IPS is
headquartered in Golden, CO where both R&D and manufacturing facilities are
located. For more information, please visit
http://www.InfinitePowerSolutions.com.
About Polaris Venture Partners
Established in 1996, with offices in Waltham, Massachusetts and
Seattle, Washington, Polaris Venture Partners
(http://www.polarisventures.com) has over $3 billion under management.
Polaris has helped build numerous market leading companies, including
Accordant Health Services, Advanced Inhalation Research, Akamai
Technologies, Allaire, Alnylam Pharmaceuticals, American Superconductor,
Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000,
deCODE genetics, Exchange.com, Matrics, Microbia, Momenta Pharmaceuticals,
Paradigm Genetics, Powersoft, PSCI, SolidWorks and TransForm
Pharmaceuticals.
About the D. E. Shaw group.
The D. E. Shaw group (http://www.deshaw.com) is a specialized
investment and technology development firm whose activities center on
various aspects of the intersection between technology and finance.
Headquartered in New York, the D. E. Shaw group encompasses a number of
closely related entities and managed accounts with approximately US $23
billion in aggregate capital. Activities range from computer-based
quantitative investment management to the development and financing of
technology-oriented ventures, but are tied together by a common focus on
the economic implications of technological innovation.
About Core-Capital Partners
Core Capital (http://www.core-capital.com) is a Washington, DC-based
venture fund with over $370 million under management. The firm invests in a
wide range of disruptive technologies, with a particular focus on
telecommunications hardware and software, wireless applications, enterprise
software, network security, ecommerce, and web and communications services.
Core invests in both early-stage and later-stage companies. Sample
portfolio companies include InPhonic, Sourcefire, NexTone Communications,
buySafe, RoundBox, Trust Digital, Trinity Convergence, and IXI.
About Applied Ventures
Applied Ventures, LLC (http://www.appliedventures.com) is the venture
capital fund of Applied Materials, Inc., (Nasdaq: AMAT), the global leader
in nanomanufacturing technology solutions for the electronics industry.
Applied Ventures invests in high-growth, early stage companies pursuing
technologies that provide a natural extension to Applied Materials core
business and innovations that stimulate the growth of applications for
semiconductors, displays and related products and services.
About Advanced Energy Technologies
Advanced Energy Technologies (AET) invests in energy related
technologies on behalf of Millennium Energy Holdings, a subsidiary of
UniSource Energy Corporation (NYSE: UNS). UniSource Energy is the parent
company of Tucson Electric Power (TEP) and UniSource Energy Services (UES),
which provide electric and gas service to more than 600,000 customers
across Arizona. To learn more about UniSource Energy, visit
http://www.UNS.com.
About SpringWorks
SpringWorks, LLC(TM) is an investment company chartered to discover,
nurture and accelerate the time to market for new technologies developed by
emerging growth companies that can deliver competitive advantages for the
operating companies of Petters Group Worldwide.
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