Aug 18 2010
Infinite Power Solutions, Inc. (IPS) today announced that it has successfully completed its series C round of financing -- raising $20 million.
In response to growing customer demand, the new capital will be used to expand the company's manufacturing capacity, accelerate the build out of its global sales channels and further support advanced research and development of its eco-friendly, THINERGY® solid-state rechargeable energy storage devices.
Existing financial investors D. E. Shaw Ventures, Polaris Venture Partners and Core Capital Partners co-led the financing, which also included new investor Generation Investment Management and participation by Applied Ventures, LLC, and two additional strategic investors. Earlier investors in the company included Texas Instruments and In-Q-Tel.
Generation Investment Management is an independent, sustainable investment firm headquartered in London, UK. Its approach is based on the idea that the incorporation of sustainability factors, such as economic, environmental, social and governance criteria will drive a company's returns over the long term.
"We are excited to have Generation join our group of financial and corporate investors who have recognized the game-changing attributes of our rechargeable, safe and reusable thin-film energy storage devices," commented Ray Johnson, IPS' president and CEO. "This financing provides us with the capital to continue the build out and expansion of our operational capabilities and global market presence."
"IPS brings breakthrough rechargeable energy solutions to the universe of small devices," said Alexander Wong, Head of D. E. Shaw Ventures. "IPS' products enable a plethora of novel applications in multiple markets including wireless, consumer, medical and defense."
Source: http://www.InfinitePowerSolutions.com/