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Nano-cooling technology company expands in UK with US financing
UK Trade & Investment's Global Entrepreneurs Programme (GEP) today announced
that its client, iCurie Lab Holdings Limited (iCurie), a nano-cooling
technology company, has successfully closed a $17 million private placement
led by Indigo Securities LLC and Axiom Capital Management Inc. of New York.
William Pedder, Chief Executive of Inward Investment Group at UK Trade &
"iCurie is a shining example of the type of company that the UK Global Entrepreneurs Programme is designed to support - an entrepreneur with strong intellectual property, and the ability to address major global markets."
The financing includes a syndicate of institutional investors and business leaders from both the US and UK, and the company will also be gaining a public listing via a share exchange with a fully reporting US over-the-counter bulletin board company - iCurie, Inc, (OTCBB symbol: ICUR). iCurie will use the proceeds to fund manufacturing and expansion.
Dr. Jeong Hyun Lee, former NASA and Samsung engineer and founder of the company, said:
"Although our core technology was developed in South Korea, I realised I needed a more strategically appropriate location for growing a global company based on our innovative intellectual property. UK Trade & Investment's programme showed us how the UK is an excellent base from which to enter the European and other global markets. Our Dealmaker also made professional and advisory resources more easily available to me and provided invaluable support for our fundraising."
GEP employs professional "Dealmakers" who assist entrepreneurs by identifying sources of finance and assisting in setting up their companies in the UK. Dealmaker Eric Van der Kleij said:
"It is very satisfying to have iCurie and its backers recognize the advantages the UK offers to exceptional knowledge-based businesses. The company now has many of the ingredients it needs to become the acknowledged leader in its sector, and we are delighted with the trust they placed in the programme to help them grow their business."
Since setting up operations in the UK, iCurie has received the first certification of its technology well ahead of schedule. The company's iCurie Cooled(tm) nanotechnology cooling system passed performance testing and received certification from LG Electronics. iCurie wants its technology to become the new standard in cooling for the electronics industry worldwide. The GEP Dealmaker, Eric Van der Kleij, previously assisted iCurie in raising $3 million in initial funding last year.
In addition to supporting the financing, GEP assisted iCurie with attracting senior management and acquiring, transferring and securing the core intellectual property into a British company. This provided a UK base from which iCurie can grow into European and other global markets.
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
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