Enfucell, a Finnish company recognized for its achievements in developing its SoftBattery® technology, has received a 600.000 eur capital injection from its existing and new owners, including Vera Venture and Varma, who have both invested in the company previously.
"We are more than pleased that we were able to finalize this financing round in this global economical downturn. Especially the initiative shown by Vera Venture was remarkable"says Antti Kivimaa, the chairman of the board and one of the private investors.
According to Marko Hanhikorpi, Enfucell CEO since August 2009, the discussions with investors were useful in many ways and helped sharpen the company's strategy in a very challenging environment.
"Now we can focus on our customers' needs and luckily the market of printed electronics has shown signs of life during the last few months. We have succeeded in building relationships with several new and remarkable customers and technology partners, with whom we hope to meet the expectations of our investors", said Hanhikorpi.
The cornerstones of Enfucell's new strategy are:
1. Customer driven business model and product development
2. Outsourcing of production through contract manufacturing or licensing
3. Utilizing strong partnerships in sales and development of commercial application
In practice this means downsizing of staff especially in R&D and production, Enfucell is looking for a strong industrial partner for production.
With its main focus on printed electronics, Enfucell Oy is a Vantaa; Finland based Technology Company with its roots in the Helsinki University of Technology.
Enfucell has developed the SoftBattery®, a thin, flexible 1.5 & 3 volt environmentally friendly power source optimally utilized in disposable and short lifetime products. Potential SoftBattery® applications include; RFID, micro sensors, functional packaging, and cosmetic and pharmaceutical delivery systems.
Enfucell has received numerous international awards for the development of the SoftBattery, one of the latest by the Guardian who selected Enfucell as one of the hottest private cleantech companies in Europe on the "Cleantech100" list published in September, 2008.
Enfucell was founded in 2002 and also has a presence in the United States, and it is owned by its founders, private investors, Vera Venture Oy, a Finnish governmental venture fund, and Varma Mutual Pension Insurance Co., the largest private sector pension insurance company in Finland.
In addition to its owners, Enfucell has been financially supported by Tekes, The Finnish Funding Agency for Technology and Innovation.
For more information, please visit www.enfucell.com .
For more attend Printed Electronics Europe 2010.