Solicore Announces First Closing Of Series B Equity Funding
August 6, 2003
For Immediate Release
Manufacturer of innovative solid polymer lithium-ion and advanced battery manufacturing systems closes the first phase of its Series B Preferred financing round
LAKELAND, Florida (August 6, 2003) (BUSINESS WIRE) — Solicore Inc., a manufacturer of innovative solid polymer lithium-ion and advanced battery manufacturing systems, announced today that it has closed the first phase of its Series B Preferred financing round. The company raised $13 million, and expects an additional $2 million second closing to bring the round to $15 million.
The financing was led by Draper Fisher Jurvetson of Redwood City, CA. The two existing institutional investors — OPG Ventures Inc., the venture capital subsidiary of Ontario Power Generation, and Hydro Québec CapiTech, Inc., the venture capital subsidiary of Hydro Québec — also participated in the round, along with new investors Braemar Power and Communications Partners, LP and Firelake Capital Management. Several private investors also participated.
Solicore creates superior energy storage products — ultra-thin flexible batteries that have greater power density and are safer, lighter and more compact than today's products. To achieve this goal, Solicore has developed patented, next-generation electrolyte technology and unique manufacturing processes.
Unlike conventional lithium-ion batteries, which contain liquid or gel-based electrolyte, Solicore has pioneered a polyimide electrolyte that is a non-compressible, non-combustible, and a non-toxic plastic film. Cells can be created in any shape or formed into a variety of designs.
New investors find Solicore's technology compelling. “We believe Solicore's battery technology is disruptive, and will enable electronics makers and other customers to design batteries into products in ways never done before,” said Raj Atluru, Managing Director of Draper Fisher Jurvetson. “This financing will provide the Company with the capital needed to get this new technology to market.”
“Advancements in energy storage for large and small format applications are critical to the future of energy technology and Solicore's solid state electrolyte marks a major stepping stone in the evolution of high energy density batteries which are safer, more flexible and environmentally friendly” , said William Lese, Managing Director of Braemar Power and Communications Partners, LP.
“Securing funds in today's capital market reflects the strength of our technology, its potential for market penetration and a strong management team” , said Robert Singleton, Solicore's President.
Concerning the planned second closing, the Company and investors decided to hold the Series B round open for strategic or corporate investors who can offer more than just money. “We are currently negotiating with strategic partners to round out the final $2 million. A strategic affiliation would enhance the Company's ability to develop its technology,” said Lawrence J. Keim, Solicore's Chief Financial Officer.
With this round of funding, the Solicore Board of Directors has been expanded to include Raj Atluru of Draper Fisher Jurvetson, and William Lese, Managing Director of Braemar Power and Communications Partners, LP.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed and early stage venture capital, typically serving as a startup's first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. Additional information is available at www.dfj.com.
About Braemar Power and Communications Partners, LP
Braemar Power and Communications Partners, LP is a New York City based venture capital fund making early to mid stage investments in energy technology and energy related communications. Braemar's principals have a long history of making successful investments in energy technology and have significant technical expertise and experience in energy and energy related industries. The fund targets a wide range of energy technologies in areas such as energy storage, advanced power generation, clean fuels, renewable energy, pollution control and energy management, control and communications. For more information call (212) 697-0900 x390. Additional information is available at www.braemarenergy.com.
About Firelake Strategic Technology Fund, L.P.
Firelake Strategic Technology Fund, L.P. invests in public and private companies in the communications, energy technology and advanced materials sectors. Firelake's investment in both private and public companies, coupled with its extensive network, offers a unique perspective to its portfolio companies. Firelake was founded in 2002 and is based in Palo Alto, California. Additional information is available at www.firelakecapital.com.
About OPG Ventures Inc.
OPG Ventures provides equity capital to entrepreneurial companies developing new power generation technologies or unique energy-related technologies. OPG Ventures is a strategic partner, combining in-house financial and power industry expertise with the considerable resources, technical expertise and market relationships of its parent, Ontario Power Generation Inc., a major North American power generator and energy wholesaler. More information is available www.opgventures.com.
About Hydro-Québec CapiTech, Inc.
Hydro-Québec CapiTech, Inc., a Hydro-Québec subsidiary created in 1998, is a corporate venture-capital fund that invests in companies whose technological products and services are related to the energy field. Hydro-Québec is a large utility that provides multi-energy residential, commercial and institutional services in the province of Québec. It is a world leader in the generation of green energy with 97% of its energy generation coming from water power. More information is available www.hqcapitech.com.