Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

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

Quantum teleportation on a chip: A significant step towards ultra-high speed quantum computers April 1st, 2015

So, near and yet so far: Stable HGNs for Raman April 1st, 2015

Two-dimensional dirac materials: Structure, properties, and rarity April 1st, 2015

3-D neural structure guided with biocompatible nanofiber scaffolds and hydrogels April 1st, 2015

Products

Toronto-based Environmental Technology Pioneer Green Earth Nano Science Expands in EU February 6th, 2015

DELSEY by Philippe Starck DELSEY Launches New Collection by Philippe Starck February 4th, 2015

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

Investments/IPO's/Splits

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Arrowhead to Present at 2015 Barclays Global Healthcare Conference March 4th, 2015

Arrowhead to Present at 2015 RBC Capital Markets' Global Healthcare Conference February 17th, 2015

Iran 1st among Islamic Nations in Scientific Production, Nanotechnology February 16th, 2015

Announcements

Quantum teleportation on a chip: A significant step towards ultra-high speed quantum computers April 1st, 2015

So, near and yet so far: Stable HGNs for Raman April 1st, 2015

Two-dimensional dirac materials: Structure, properties, and rarity April 1st, 2015

3-D neural structure guided with biocompatible nanofiber scaffolds and hydrogels April 1st, 2015

Environment

Young NTU Singapore spin-off clinches S$4.3 million joint venture with Chinese commercial giant March 23rd, 2015

New processing technology converts packing peanuts to battery components March 22nd, 2015

EU Funded PCATDES Project has completed its half-period with success March 19th, 2015

Are current water treatment methods sufficient to remove harmful engineered nanoparticle? March 10th, 2015

Energy

Wrapping carbon nanotubes in polymers enhances their performance: Scientists at Japan's Kyushu University say polymer-wrapped carbon nanotubes hold much promise in biotechnology and energy applications March 30th, 2015

Solving molybdenum disulfide's 'thin' problem: Research team increases material's light emission by twelve times March 29th, 2015

LAMDAMAP 2015 hosted by the University March 26th, 2015

Hong Kong Investors Bullish on Dais Analytic Invest $5.75M, Provide $60M Contract, and Create New Joint Venture Company March 26th, 2015

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

Chemists make new silicon-based nanomaterials March 27th, 2015

New processing technology converts packing peanuts to battery components March 22nd, 2015

NC State researchers create 'nanofiber gusher': Report method of fabricating larger amounts of nanofibers in liquid March 19th, 2015

Drexel Univ. materials research could unlock potential of lithium-sulfur batteries March 17th, 2015

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 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE