Infinite Power Solutions, Inc. (IPS), a developer of solid-state, rechargeable thin-film batteries, yesterday announced the
completion of its Series B round of financing—raising $13 million in new capital to ramp up to
volume production.
This
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 company’s manufacturing facility.
The 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.
IPS’ Thinergy family of battery products represent a new class of electronic components, the company says. The batteries are ultra-thin and
flexible. IPS’s Micro Energy Cells (MECs) are ideal for harvesting and storing all forms of ambient energy
such as solar, thermal, RF, magnetic and vibration energy, according to a company release.
“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.
Alexander Wong, a managing
director of D. E. Shaw & Co., L.P., said, “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.”
Founded in 2001, Infinite Power Solutions, Inc. has headquarters and manufacturing facilities in the western suburbs of Denver, CO. IPS has recently commenced pre-production activities 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.
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