Cherry Tree advises Infinite Power Solutions in this transaction
Cherry Tree Securities is pleased to announce a $34.7 million equity financing forInfinite Power Solutions, Inc. (“IPS”). The syndicate was co-led by Polaris Venture Partnersof Waltham, Massachusetts, and the D. E. Shaw group, of Cupertino, CA. Additional new investors included Core Capital Partners, Washington, D.C. and Applied Ventures (the venture capital fund of Applied Materials).Existing investors that also participated in this financing includedSpringWorks (a wholly owned subsidiary of the Petters Group) of Minnetonka, MN, and Advanced Energy Technologies (“AET”) of Tucson, AZ. Cherry Tree acted as the exclusive placement agent for the financing.
Infinite Power Solutions designs and manufactures flexible, rechargeable, thin film batteries for microelectronic applications.The IPS LiTE*STAR™ thin-film battery is a solid-state energy storage device that is exceptionally powerful, thin as paper, completely re-charges within seconds to minutes, can withstand extreme temperatures, can be fabricated into a variety of different shapes, and can be embedded into printed circuit boards or other materials.
Dr. Robert M. Metcalfeof Polaris said, “We’ve seen many start-ups with new battery chemistries. The IPS solid-state [thin film battery] TFB technology, with its postage-stamp size, extreme durability, high power, flexibility, and virtually infinite rechargeability, is truly disruptive. In 2007, a projected 10 billion embedded micro-controllers will be shipped worldwide in a vast variety of applications. Many new applications of micro-controllers, sensors, and tags will be enabled by IPS’ rechargeable TFBs.”
Alex Wong of the D. E. Shaw group said, “Infinite Power Solutions has clearly shown their capability to manufacture a new generation of powerful, ultra-thin, micro-batteries to meet a growing demand for smaller, flexible and rechargeable power sources. We’re pleased that this investment will move IPS’ technology into high volume manufacturing and expand its market applications.”
Raymond Johnson, president and CEO of IPS, commented, “We are extremely excited about the strategic value this top-tier venture capital group brings to our company. Combined with our current investors, this group adds a wealth of industry experience and contacts that will allow IPS to maintain its industry leadership in thin-film battery technology. This new capital will enable us to scale our technology, build state-of-the-art fabs, and ramp to high volume production.”
IPS achieved a leadership position in the thin film battery space by producing batteries with industry leading performance on a pilot line for commercial testing and sampling. The proceeds of the transaction will be used to build a unique, state of the art manufacturing facility for large scale production of thin film batteries near Golden, Colorado.
Chuck Gorman, Managing Director of Cherry Tree noted, “The best indication of investor enthusiasm for this opportunity was evidenced by multiple financing offers and that the round was significantly oversubscribed.”
About Infinite Power Solutions
Infinite Power Solutions, Inc. develops, manufactures, and markets ultra-thin, flexible, rechargeable, solid-state, thin-film lithium micro-batteries under its LiTE*STAR™ brand. IPS batteries serve applications within the military, aerospace, smart card, active RFID, implantable medical device, embedded micro-controller and wireless sensor markets. The IPS rechargeable thin-film battery technology provides industry-leading performance. It combines proven thin-film battery chemistry, a patented encapsulation and ultra-thin, flexible package design to provide a compelling micro-battery solution that is unrivaled in thinness, rechargeability, and power capability, yet remains safe and environmentally friendly. With its solid-state electrolyte, LiTE*STAR batteries are ideal for extreme temperature applications and can be embedded into multi-layer rigid or flexible printed circuit boards. IPS is headquartered in Golden, CO, where both R&D and manufacturing facilities are located. For more information, please visit www.InfinitePowerSolutions.com. (Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)
About Polaris Venture Partners
Established in 1996, with offices in Waltham, Massachusetts and Seattle, Washington, Polaris Venture Partners (www.polarisventures.com) has over US $3 billion under management. Polaris has helped build numerous market leading companies, including Accordant Health Services, Advanced Inhalation Research, Akamai Technologies, Allaire, Alnylam Pharmaceuticals, American Superconductor, Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000, deCODE genetics, Exchange.com, Matrics, Microbia, Momenta Pharmaceuticals, Paradigm Genetics, Powersoft, PSCI, SolidWorks and TransForm Pharmaceuticals.
About the D. E. Shaw group.
The D. E. Shaw group (www.deshaw.com) is a specialized investment and technology development firm whose activities center on various aspects of the intersection between technology and finance. Headquartered in New York, the D. E. Shaw group encompasses a number of closely related entities and managed accounts with approximately US $23 billion in aggregate capital. Activities range from computer-based quantitative investment management to the development and financing of technology-oriented ventures, but are tied together by a common focus on the economic implications of technological innovation.
About Core Capital Partners
Core Capital (www.core-capital.com) is a Washington, DC-based venture fund with over $370 million under management. The firm invests in a wide range of disruptive technologies, with a particular focus on telecommunications hardware and software, wireless applications, enterprise software, network security, ecommerce, and web and communications services. Core invests in both early-stage and later-stage companies. Sample portfolio companies include InPhonic, Sourcefire, NexTone Communications, buySafe, RoundBox, Trust Digital, Trinity Convergence, and IXI.
About Applied Ventures
Applied Ventures, LLC (www.appliedventures.com) is the venture capital fund of Applied Materials, Inc., (NASDAQ: AMAT), the global leader in nanomanufacturing technology solutions for the electronics industry. Applied Ventures invests in high-growth, early stage companies pursuing technologies that provide a natural extension to Applied Materials’ core business and innovations that stimulate the growth of applications for semiconductors, displays and related products and services.
About Advanced Energy Technologies
Advanced Energy Technologies (AET) invests in energy related technologies on behalf of Millennium Energy Holdings, a subsidiary of UniSource Energy Corporation (NYSE: UNS). UniSource Energy is the parent company of Tucson Electric Power (TEP) and UniSource Energy Services (UES), which provide electric and gas service to more than 600,000 customers across Arizona. To learn more about UniSource Energy, visit UNS.com.
SpringWorks, LLC™ is an investment company chartered to discover, nurture and accelerate the time to market for new technologies developed by emerging growth companies that can deliver competitive advantages for the operating companies of Petters Group Worldwide.
About Cherry Tree Securities
Cherry Tree Securities (www.cherrytree.com) is a private investment banking firm providing sophisticated corporate advisory services to middle market businesses. The firm’s services include private placements of debt and equity, merger and acquisition advisory, and valuations and fairness opinions. The firm operates from its headquarters in Minneapolis, MN.
Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.