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Cymbet Gets $31 Million in Private Placement
[January 28, 2010]

Cymbet Gets $31 Million in Private Placement


Jan 28, 2010 (Close-Up Media via COMTEX) -- Cymbet Corp. announced that it has successfully completed the final phase of its third round of private equity financing, raising $31 million.

The Company said that it will use proceeds from this financing round to expand EnerChip sales and marketing initiatives globally, as well as to add manufacturing capacity for its eco-friendly, EnerChip solid-state energy storage devices in response to rising customer demand.



This round was co-led by Perseus, a Washington, D.C.-based private equity fund manager, and Intel Capital, Santa Clara, Calif. Also participating: new investor Texas Instruments and existing investors Bekaert, Helmet Capital, Cedar Point Capital, The Dow Chemical Company and The Ignite Group.

"Cymbet is a recognized leader in the development of solid-state rechargeable energy storage devices used to supply back-up power for integrated circuits found in a wide range of electronic products," said Bill Priesmeyer, CEO of Cymbet. "In addition to being eco-friendly, an EnerChip lasts the life of the product it serves and replaces conventional disposable batteries. EnerChip micro-storage devices are designed into many applications including: industrial controls, consumer electronics, hand-held wireless devices, and medical, military and energy-efficient intelligent building systems." Priesmeyer added, "The Cymbet team has moved this unique EnerChip technology past the development stage and into commercialization. A portion of the proceeds will be used to substantially increase Cymbet's manufacturing capacity. We're pleased to have completed this round of financing and we'd like to thank our new and existing investors. The fact that we were able to secure funding in today's challenging financial environment reflects our investors' belief in Cymbet and the exciting sales growth prospects for the EnerChip product family." Ken Socha, Senior Managing Director of Perseus, said, "We're committed to investing in companies with a clear vision, a technical leadership position and large target markets in the alternative energy sector. Cymbet fits these criteria as an acknowledged leader in its field with one of the most innovative and advanced energy storage devices in the marketplace. We see significant potential for back-up power and energy-harvesting products, particularly as they can contribute to the U.S. national priority of energy efficiency and CO2 reduction." Steve Eichenlaub, Managing Director Cleantech Sector, Intel Capital, added, "Intel Capital is committed to accelerating innovation through selective strategic investments in companies like Cymbet. Eco-friendly power sources for hand-held and mobile platforms, as well as in emerging areas like sensor networks for energy-efficiency monitoring in and around the Smart Grid, are areas of strong potential growth. We believe that Cymbet is on the right track." ((Comments on this story may be sent to [email protected]))

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