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

Iranian Researchers Synthesize Stable Ceramic Nanopowders at Room Temperature September 20th, 2014

Arrowhead to Present at BioCentury's NewsMakers in the Biotech Industry Conference September 19th, 2014

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Toward optical chips: A promising light source for optoelectronic chips can be tuned to different frequencies September 19th, 2014

Products

Next-Gen Luxury RV From Global Caravan Technologies Will Offer MagicView Roof and Windshield Using SPD-SmartGlass Technology From Research Frontiers: Recreational Vehicle Manufacturer Global Caravan Technologies (GCT) Features 28 Square Feet of MagicView™ SPD-SmartGlass September 17th, 2014

Fonon at Cutting-Edge of 3D Military Printing: Live-Combat Scenarios Could See a Decisive Advantage with 3D Printing September 15th, 2014

QuantuMDx announce prototype handheld lab for 15 minute malaria diagnosis and drug resistance testing April 23rd, 2014

Nanovations Sets new Benchmark in Automotive Windscreen Coating Durability: Nanovations new automotive glass coating Vision Protect, sets new benchmark in glass coating durability March 23rd, 2014

Investments/IPO's/Splits

PEN Inc. Announces New Trading Symbol: PENC: Stock Continues Trading on the OTCQB September 3rd, 2014

Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

Announcements

Iranian Scientists Separate Zinc Ion at Low Concentrations September 20th, 2014

Arrowhead to Present at BioCentury's NewsMakers in the Biotech Industry Conference September 19th, 2014

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Toward optical chips: A promising light source for optoelectronic chips can be tuned to different frequencies September 19th, 2014

Environment

Iranian Nano Scientists Create Flame-Resistant Polymers September 13th, 2014

NanoStruck has a High Recovery Rate on Mine Tailings: retrieval of up to 96% of Gold, 88% of Silver and 86% of Palladium September 12th, 2014

Nanostruck announces 87.6% recovery of 56 GMS/ton silver tailings samples September 12th, 2014

Boosting armor for nuclear-waste eating microbes September 12th, 2014

Energy

Iranian Researchers Synthesize Stable Ceramic Nanopowders at Room Temperature September 20th, 2014

IEEE International Electron Devices Meeting To Celebrate 60th Anniversary as The Leading Technical Conference for Advanced Semiconductor Devices September 18th, 2014

Rice rolls 'neat' nanotube fibers: Rice University researchers' acid-free approach leads to strong conductive carbon threads September 15th, 2014

Simple, Cost-Effective Method Proposed for Synthesizing Zinc Oxide Nanopigments September 15th, 2014

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics

IEEE International Electron Devices Meeting To Celebrate 60th Anniversary as The Leading Technical Conference for Advanced Semiconductor Devices September 18th, 2014

Toward making lithium-sulfur batteries a commercial reality for a bigger energy punch September 17th, 2014

NEI Corporation and PneumatiCoat Technologies Sign Agreement to Jointly Develop and Market New Materials for Lithium-ion Batteries September 12th, 2014

UT Arlington research uses nanotechnology to help cool electrons with no external sources September 11th, 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