THIN BATTERY TECHNOLOGIES CLOSES $6.2M ROUND

Thin Battery Technologies, Inc., the leading producer of thin, flexible, printed power source solutions, has recently closed a $6.2 million offering of Series A preferred shares.

 

The round was led by SunBridge Partners a venture capital firm investing in private U.S. technology companies pioneering innovations based on advanced technologies in computing, communications and manufacturing, including materials, semiconductors, components, equipment and software. SunBridge Partners is based in Cleveland and has an office Palo Alto, California. Early Stage Partners of Cleveland, the sole institutional backer of Thin Battery from its founding in 2002, also is participating in this round. Key Capital Corporation is joining Thin Battery investors, as is Orix Capital of Tokyo, a leading Japanese fund investing in both Japan and U.S. based ventures.

 

John Gannon, General Partner of SunBridge sees great potential for Thin Battery. He said "SunBridge Partners is excited to work with Thin Battery Technology's world-class management and technical team. The company's strong intellectual property enables very high-volume, low-cost battery manufacturing using existing printing equipment and capacity. We believe they will lead the rapidly-growing markets that benefit from their disposable, thin, flexible batteries and look forward to contributing to their success."

 

Gary R. Johnson, President and Chief Executive, said, "Applications enabled by printed batteries are developing at a rapid pace and require global marketing and production. Thin Battery will build on the strengths of its people, technology and business model to create leadership in power sources for the tremendously promising emerging printed electronics sector. We are delighted to have the support of a strong international venture base."

 

"Early Stage Partners," according to Managing Director Jim Petras, "has focused on funding young Northeast Ohio companies through development into commercialization. The funding of Thin Battery represents not only a major investment in the future of Thin Battery, but in the economic revitalization of our region. Early Stage Partners is pleased to see that our successful Northeast Ohio companies can attract capital globally to continue their growth."

 

Thin Battery will focus its resources on expanding its marketing activity to address global opportunity, provide industry-leading technical support to applications developers, and optimize the manufacturing process within its "fabless" business model.

 

Thin Battery Technologies, Inc. is the leading supplier of thin, flexible, printed power source solutions for integration into innovative products created by the leading developers of RFID, RF-linked sensors, transdermal patches, and other smart card format applications. Disruptively low cost, portability, and disposability are the essential characteristics driving the development and deployment of printed electronics in many applications.

 

TBT provides clean power sources to printed electronics systems. The utilization of existing high speed printing capacity will enable TBT to follow a "fabless" manufacturing strategy to allow rapid scale-up with very low capital expenditures.

 

The TBT leadership team combines a track record of entrepreneurial accomplishment with deep domain experience in printing and batteries along with experience in the high volume, low cost business model TBT intends to pursue. The technical team is rooted in battery development and has over 250 years of battery design, development, and production experience. Based on a patent estate licensed from the Northeast Ohio research and development operations of Eveready Battery Company (now Energizer), Thin Battery is building a strong patent portfolio related to architecture, chemistry and methods of production.

 

 

SunBridge Partners is a US-based venture capital firm pursuing a targeted, research-based approach to identifying and investing in private US technology companies pioneering innovations based on advanced technologies in computing, communications and manufacturing, including materials, semiconductors, components, equipment and software.

 

SunBridge Partners' capacity for strategic guidance based on deep domain expertise, proven track record of assisting portfolio companies, and global network of contacts and partners providing international market insight and revenue opportunities make it a preferred and effective investment partner to the most promising of startup companies.

 

 

Early Stage Partners is an early stage venture capital fund based in Cleveland, Ohio. It is the largest and most active early stage venture fund in Ohio, with $44 million under management. The fund invests in promising opportunities in the life sciences, polymers and advanced materials, information technology and advanced manufacturing. Since its initial closing in January 2002, the fund has invested in 12 companies and is in the process of evaluating a number of other investment opportunities. The company's principals have over 90 years combined experience in early stage company formation and development and significant operating experience.