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Home > Press > Contour Energy Systems Lands New Series C Funding: Latest Funding Round for Next-Generation Battery Company to Expand R&D Efforts, Production Capacity Expansion and Working Capital Funding
Contour Energy Systems, an innovative portable power company commercializing next-generation battery systems, today announced it has successfully raised a Series C round of financing from Singapore's leading global fund, EDBI (EDB Investments Pte Ltd.) and previous investors CMEA Capital, Harris & Harris, Schlumberger and U.S. Venture Partners.
Contour Energy will apply this latest round of funding to expanding its breakthrough research and development efforts, production capacity expansion and funding working capital growth. These parallel initiatives are specifically designed to commercialize and accelerate time-to-market cycles for its portfolio of next-generation primary and rechargeable batteries targeting applications in automotive, consumer, industrial, medical and military markets worldwide.
"We view Contour's next-generation battery technology as potentially disruptive and differentiated from existing energy storage alternatives," said Ms. Chu Swee Yeok, Chief Executive Officer of EDBI. "Locating Contour's Asian headquarters and R&D center in Singapore, an international business hub with a vibrant R&D landscape, will expedite the commercial rollout of Contour's game-changing technology. Contour will be well placed to tap on EDBI's extensive networks and connections to expand its global footprint through new business opportunities in Asia and the world."
Contour Energy is applying its breakthrough advancements in carbon fluoride chemistry, nanomaterials science and manufacturing processes for next-generation primary and rechargeable portable power systems.
"In this turbulent economy, Contour's ability to raise another significant round of funding is an impressive achievement and another key milestone for the company," said Mr. Maurice Gunderson, Contour Energy Systems' chairman of the board and venture partner with CMEA Capital. "And with the addition of Singapore-based EDBI as another strategic investor, Contour is adding a key partner with important ties in Asia."
Comprised of decorated battery industry veterans and research specialists including co-founder Dr. Robert Grubbs, a Nobel Laureate in chemistry with Caltech, Contour has amassed over 45 patented and patent-pending technologies. The company also maintains exclusive technology licensing agreements with the California Institute of Technology, CNRS and the Massachusetts Institute of Technology, as well as strategic partnerships with Jet Propulsion Laboratory, NASA, Schlumberger, and other academic and private institutions.
"Our latest funding round is especially gratifying on two fronts," said Mr. Joe Fisher, Chief Executive Officer with Contour Energy Systems. "We've added another strategic investor with the addition of EDBI and we're the beneficiaries of continuing investment support and counsel from our original investors CMEA Capital, Harris & Harris, Schlumberger, and US Venture Partners. With the involvement of EDBI, Contour has strategic in-roads into key Asian market opportunities and R&D initiatives."
About Contour Energy Systems, Inc.
Contour Energy Systems is an innovative portable power company commercializing customizable battery technologies for a wide range of cross-industry applications. Contour’s next-generation battery systems are designed to deliver unprecedented improvements in energy and power density, and are capable of performing in extreme operating conditions at significantly improved costs. Founded through the collaboration of Caltech and CNRS, the French National Center for Scientific Research, the company combines expertise in nano-materials science, patented Fluorine-based battery chemistries and manufacturing processes to significantly advance the state of portable power. Headquartered in Azusa, CA, Contour Energy is managed by a world-class team of battery industry leaders from Caltech, Energizer, General Electric, Hewlett-Packard, Sanyo and Valence Technologies. The company is privately held.
EDBI (EDB Investments) is a leading strategic investment firm headquartered in Singapore with a worldwide presence investing to drive growth opportunities within the knowledge and innovation-intensive sectors of Biomedical Sciences, Clean Technologies, Internet & Digital Media, as well as other strategic industry clusters with commercial potential. As a value adding investor, EDBI creates sustainable and synergistic partnerships with its portfolio companies, leveraging on its broad network of resources and experience to facilitate the companies’ growth in Asia and the world, through their operations in Singapore. For more information on EDBI, please visit www.edbi.com/
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Gallagher Group Communications
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