Infinite Power Solutions Announces Strategic Investment and Development Agreement with IQT
November 13, 2006
Infinite Power Solutions, Inc. (IPS), a privately-held, venture-backed industry leader in the development of thin-film energy storage devices for micro-electronic applications, announced today that it has entered into a strategic investment and technology advancement agreement with In-Q-Tel, the independent strategic venture capital fund that identifies innovative technologies to support the missions of the Central Intelligence Agency (CIA) and the larger Intelligence Community (IC). The equity and technology advancement agreement is in addition to the $34.7M financing announced by IPS in September, 2006. The additional In-Q-Tel funding will further contribute to the construction of new facilities for high-volume manufacturing of the IPS LiTE*STAR™ thin-film batteries, and advance the technology for next generation solutions.
“Our partnership with In-Q-Tel underscores the strength of our technology and the novel capabilities we bring to the table to aid national security,” said Raymond Johnson, President and CEO of Infinite Power Solutions. “The In-Q-Tel investment will allow IPS to continue accelerating our business development and the innovation of future battery technologies.”
The revolutionary LiTE*STAR™ micro-battery can be used to reliably power microelectronic systems and provide backup power to volatile memory and real time clock circuits. Specific applications include active RFID tags, topical and implantable medical devices, advanced smart cards, secure ID badges with biometric sensors, embedded networks for remote wireless sensors, smart munitions fuzing and self-destruct circuits, and a host of other medical, military, and consumer electronic devices.
The IPS rechargeable, thin-film battery provides industry-leading power and temperature performance. It combines proven thin-film lithium battery chemistry, a patented and industry-leading encapsulation, and ultra-thin, flexible package design to provide a compelling micro-battery solution that is unrivaled in rechargeability and power capability. These micro-batteries are fundamentally safe and environmentally friendly. Even under destructive conditions, they will not rupture, outgas, burn or explode. With its solid-state electrolyte, LiTE*STAR™ batteries are ideal for centrifuge and extreme temperature applications. They can be embedded directly into rigid or flexible multi-layer printed circuit boards so that the battery consumes near zero volume within the end device, compared to the large and wasteful battery compartments necessary for non-rechargeable disposable batteries.
“The IPS technology offers groundbreaking capabilities in flexible, rechargeable, solid-state, thin-film battery power,” said Chris Darby, President and CEO of In-Q-Tel. “In-Q-Tel is thrilled with the IPS partnership, and with the promise of significant developments in thin-film battery technology that will not only have broad utility for the Intelligence Community but attractive commercial applications as well.”
About Infinite Power Solutions
Infinite Power Solutions, Inc. was founded in 2001 and is a privately-held, venture backed industry leader in the development of thin-film energy storage devices. The ultra-thin, flexible, rechargeable, solid-state, thin-film lithium micro-batteries are marketed under its LiTE*STAR™ brand. IPS investors include the D. E. Shaw group, Polaris Venture Partners, Core Capital Partners, Applied Ventures, SpringWorks, Advanced Energy Technologies, and In-Q-Tel. IPS is headquartered in the western suburbs of Denver, CO where both R&D and manufacturing facilities are located. Additional information about IPS is available at www.InfinitePowerSolutions.com.