Solicore Raises $15 Million Series C Financing Led By Rho Ventures
July 19, 2005
For Immediate Release
Developer, manufacturer, and marketer of ultra-thin, flexible lithium polymer batteries has raised a total of $40 million to date
LAKELAND, Florida (July 19, 2005) —Solicore Inc., a developer, manufacturer, and marketer of ultra-thin, flexible lithium polymer batteries under its Flexion brand that serve the smart card, RFID and medical device markets, announced today that it has closed the first phase of its Series C Preferred Stock financing round. The company raised $12.7 million, and expects a second closing within 25 days, bringing the total of the round to approximately $15.0 million. The company has raised a total of $40 million to date.
The financing was led by new investor, Rho Ventures of New York, NY. Existing investors, Draper Fisher Jurvetson, Braemar Energy Ventures, Firelake Capital, OPG Ventures, Air Products & Chemical, Inc. and several private investors also participated in the financing round. Ben Terk, a Partner with Rho Ventures, has joined Solicore's Board of Directors.
Proceeds will be used to expand manufacturing capacity, research & development, and to accelerate business development. “We are excited about the strategic value that Rho Ventures brings to our Company. Rho has a combination of industry experience and contacts that will help Solicore advance to the next level.” said Dave Corey, CEO of Solicore, Inc. “This infusion of capital will enable us to prepare for wide-scale customer deployment and the transition to high volume manufacturing.”
“We have evaluated many companies that are focused on new battery chemistries, and it was clear to us that Solicoreís disruptive technology platform will radically change the landscape of today's lithium polymer battery market” said Ben Terk, Partner, Rho Ventures. “We look for companies having a differentiating technology that translates into a compelling value proposition for customers. We see a tremendous blend of management experience, market altering technology, and crisp business focus in Solicore that we believe positions the company for rapid and profitable growth.”
About Solicore, Inc.
Solicore develops, manufactures, and markets ultra-thin flexible lithium polymer batteries under its Flexion brand that serve the smart card, RFID and medical device markets. Our patented solid-state electrolyte has helped create an enabling battery technology that now provides portable power solutions for battery operated products that were not conceivable until recently. Solicoreís Flexion lines of primary and secondary lithium polymer batteries are ultra-thin, flexible, safe, and environmentally friendly. Flexion batteries operate over a wide temperature range and are ideal for high temperature manufacturing such as the hot lamination process used in producing most credit cards and smart cards. Solicore's headquarters, R&D and manufacturing facilities are located in Lakeland, Florida. For more information, visit www.flexion.com or www.solicore.com.
About Rho Ventures
Rho has been an active participant in the U.S. venture capital sector since its inception in 1981. Venture capital funds under management currently exceed $1 billion. Rho Ventures has invested in over 150 venture stage companies and helped build market leaders across many high growth industries. Previous investments include Active Power, Capstone Turbine, Ciena Corporation, Commerce One, Compaq Computer Corporation, Copper Mountain, Inc., Diversa Corporation, Human Genome Sciences, Inc., iVillage, Leukosite (currently part of Millenium Pharmaceuticals), MedImmune, Inc., NitroMed, Senomyx, Tercica, Tripod (currently part of Lycos) and Vicuron. More information on Rho can be found at www.rho.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.
Forward Looking Statements
This press release contains forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates” and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause Solicore, Inc's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. Solicore, Inc. assumes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. The potential risks and uncertainties which could cause actual growth and results to differ materially include but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile and competitive nature of the battery industry, and changes in domestic and international market conditions, and foreign exchange rates.