Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Cymbet Secures $31 Million in Private Financing

Abstract:
Additional Funding to Launch Global Sales Expansion and Add Manufacturing Capacity for Eco-Friendly EnerChip™ Product Lines

Cymbet Secures $31 Million in Private Financing

Elk River, MN | Posted on January 25th, 2010

Cymbet Corporation today announced that it has successfully completed the final phase of its third round of private equity financing, raising $31 million. The Company will use proceeds from this financing round to expand EnerChip sales and marketing initiatives globally, as well as to add manufacturing capacity for its eco-friendly, EnerChip™ solid-state energy storage devices in response to rising customer demand. This round was co-led by Perseus, L.L.C., a Washington, D.C.-based private equity fund manager, and Intel Capital, Santa Clara, Calif. Also participating: new investor Texas Instruments and existing investors Bekaert N.V., Helmet Capital, Cedar Point Capital, The Dow Chemical Company and The IGNITE Group.

"Cymbet is a recognized leader in the development of solid-state rechargeable energy storage devices used to supply back-up power for integrated circuits found in a wide range of electronic products," said Bill Priesmeyer, CEO of Cymbet. "In addition to being eco-friendly, an EnerChip lasts the life of the product it serves and replaces conventional disposable batteries. EnerChip micro-storage devices are designed into many applications including: industrial controls, consumer electronics, hand-held wireless devices, and medical, military and energy-efficient intelligent building systems."

Priesmeyer added, "The Cymbet team has moved this unique EnerChip technology past the development stage and into commercialization. A portion of the proceeds will be used to substantially increase Cymbet's manufacturing capacity. We're pleased to have completed this round of financing and we'd like to thank our new and existing investors. The fact that we were able to secure funding in today's challenging financial environment reflects our investors' belief in Cymbet and the exciting sales growth prospects for the EnerChip product family."

Ken Socha, Senior Managing Director of Perseus, L.L.C., said, "We're committed to investing in companies with a clear vision, a technical leadership position and large target markets in the alternative energy sector. Cymbet fits these criteria as an acknowledged leader in its field with one of the most innovative and advanced energy storage devices in the marketplace. We see significant potential for back-up power and energy-harvesting products, particularly as they can contribute to the U.S. national priority of energy efficiency and CO2 reduction."

Eco-friendliness is a key attribute of the Cymbet EnerChip, since the product is designed to eliminate battery replacement and last the life of the device it powers. As a solid-state device, the EnerChip also is lead-free and contains no hazardous materials, flammable solvents or liquids that can harm the user or the environment. Moreover, when coupled with energy-harvesting techniques, an EnerChip device can supply the energy storage to build self-contained, long-lived powered systems and avoid the use of traditional battery power approaches.

The recently introduced EnerChip CC is the world's first solid-state energy device with integrated energy management-offering electronic designers new ways to incorporate energy storage directly into an integrated circuit. Cymbet also is a leader in the field of energy harvesting linking to "free" ambient light, heat and motion to power devices such as wireless sensors. In combination with other electronics, the Cymbet EnerChip enables "zero power" wireless sensor networks that reduce energy usage, and monitor security or control environmental conditions in commercial and industrial environments.

Steve Eichenlaub, Managing Director Cleantech Sector, Intel Capital, commented, "Intel Capital is committed to accelerating innovation through selective strategic investments in companies like Cymbet. Eco-friendly power sources for hand-held and mobile platforms, as well as in emerging areas like sensor networks for energy-efficiency monitoring in and around the Smart Grid, are areas of strong potential growth. We believe that Cymbet is on the right track."

####

About Cymbet Corporation
Cymbet Corporation-a clean technology company-is the leader in solid-state energy storage technology. The Company is the first to market an eco-friendly, rechargeable, solid-state energy device that provides embedded systems designers with new distributed power capabilities. The Company's solid-state energy devices enable new concepts in energy storage application for integrated circuits and new products for medical, sensor, radio frequency identification (RFID) tags, industrial control, communications and portable electronic devices. Visit Cymbet online at www.cymbet.com.

About the Investors:

Perseus, L.L.C.

Perseus, L.L.C. is a merchant bank and private equity fund management company headquartered in Washington, D.C., with an office in New York City. Perseus has invested in numerous growth equity, distressed and buyout transactions in the United States, Canada, and Western Europe. Perseus manages seven private equity funds. Since its inception in 1995, Perseus has made investments in more than 63 portfolio companies in a wide variety of industries in which Perseus and its principals have expertise, including healthcare; energy, environmental, and engineering technologies; and branded consumer products. Perseus has $1.5 billion in funds under management. Perseus also co-manages a $449 million fund that invests exclusively in life sciences companies. For more information on Perseus L.L.C. visit www.perseusllc.com.

Intel Capital

Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2008, Intel Capital invested about US$1.59 billion in 169 investments with approximately 62 percent of funds (excluding Clearwire) invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.

For more information, please click here

Contacts:
Cymbet™ Corporation
18326 Joplin Street NW
Elk River, MN 55330-1773
Phone: 763.633.1780
Fax: 763.633.1799

Copyright © Cymbet Corporation

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Unraveling the light of fireflies December 17th, 2014

First Home-Made Edible Herbal Nanodrug Presented to Pharmacies across Iran December 17th, 2014

Nanomedicine expert joins Rice faculty: Gang Bao combines genetic, nano and imaging techniques to fight disease December 17th, 2014

Scientists trace nanoparticles from plants to caterpillars: Rice University study examines how nanoparticles behave in food chain December 16th, 2014

Products

NEI introduces NANOMYTE® SuperAi, a Durable Anti-ice Coating December 4th, 2014

Biosenta Inc. Updates New Household Disinfectant Testing Results; It Kills 100% of a Broad Range of Deadly Molds, Fungi, Bacteria, and Viruses, Including Ebola and Enterovirus D68 November 20th, 2014

NEI Development Update on NANOMYTE® TC-5001, a Protective Coating for Zinc-Plated and Galvanized Steel November 8th, 2014

HZO Teams With Deutsche Telekom to Unveil the Waterproof Tolino Vision 2 eReader: The New HZO Protected eReader Ushers in a New Era of Waterproof Electronics, Providing a Seamless User Experience Without the Risk of Using Port Doors and Mechanical Seals October 10th, 2014

Investments/IPO's/Splits

Pixelligent Closes $5.5 Million in Funding: Capital Will Be Used to Support Global Customer Growth December 12th, 2014

Nanometrics Announces Upcoming Investor Events November 19th, 2014

Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014

Arrowhead to Present at Upcoming Conferences November 15th, 2014

Announcements

Unraveling the light of fireflies December 17th, 2014

First Home-Made Edible Herbal Nanodrug Presented to Pharmacies across Iran December 17th, 2014

Nanomedicine expert joins Rice faculty: Gang Bao combines genetic, nano and imaging techniques to fight disease December 17th, 2014

Scientists trace nanoparticles from plants to caterpillars: Rice University study examines how nanoparticles behave in food chain December 16th, 2014

Environment

Nanoparticles Prove Effective in Removing Phosphor from Calcareous Soil December 10th, 2014

Detecting gases wirelessly and cheaply: New sensor can transmit information on hazardous chemicals or food spoilage to a smartphone December 8th, 2014

Nanocatalysts Can Reduce Pollution Caused by Diesel Engines December 4th, 2014

Green meets nano: Scientists at TU Darmstadt create multifunctional nanotubes using nontoxic materials December 3rd, 2014

Energy

Lifeboat Foundation gives 2014 Guardian Award to Elon Musk December 16th, 2014

Stacking two-dimensional materials may lower cost of semiconductor devices December 11th, 2014

Defects are perfect in laser-induced graphene: Rice University lab discovers simple way to make material for energy storage, electronics December 10th, 2014

New Technique Could Harvest More of the Sun's Energy December 9th, 2014

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

Nexeon Attracts ex-Nokia Product Executive to its Board of Directors December 15th, 2014

Defects are perfect in laser-induced graphene: Rice University lab discovers simple way to make material for energy storage, electronics December 10th, 2014

Lengthening the life of high capacity silicon electrodes in rechargeable lithium batteries: Novel rubber-like coating could lead to longer lasting batteries December 2nd, 2014

Atmospheric carbon dioxide used for energy storage products December 2nd, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE