Cymbet Secures $10 Million Investment
Funding to support introduction of new HD EnerChip™ solid state battery products
Minneapolis, MN Dallas, TX. — January 12, 2016 - Cymbet Corporation announced that it has completed a recapitalization and restructuring of the company in connection with a $10 million-plus equity investment led by Dallas, TX-based Island Shore Investments (ISI). This significant investment and restructuring will fund the productization and introduction of new products and provide additional working capital to expand Cymbet’s business in key markets.
The announced financing is the first part of a two-part funding round, the second portion totaling $5-7 million, which is to be completed in the first half of 2016.
Chief Executive Officer Monte Johnson noted, “This financing was critical to facilitating the restructuring and revitalization of Cymbet.” CEO Johnson, previously Cymbet’s CFO, added, “Our new HD products hit the sweet spot in the marketplace as we increase EnerChip™ energy density by 4X.”
Cymbet, a privately held clean technology company, is the world leader in solid state energy storage solutions for microelectronic systems. The company’s EnerChip™ devices are the first eco-friendly rechargeable solid state batteries that provide electronic system designers new embedded power capabilities. Cymbet has manufacturing facilities in Lubbock, Texas, in partnership with X-FAB, and product development and test operations in Elk River, Minnesota.
Cymbet will use this investment to fully exploit its EnerChip™ bare die and EnerChip™ RTC product lines that will be used by Cymbet’s customers to create innovative, miniature, integrated products in a range of applications. In addition, Cymbet will complete the development and introduction of its HD (High Density) product line.
Cymbet Corporation is the leader in solid state energy storage technology. Cymbet’s proprietary technology utilizes semiconductor fabrication processes to produce a rechargeable energy storage device with no liquids, gels, or harmful chemicals. EnerChip™ devices have the unique capability to be packaged as standard semiconductor components, alone or with other integrated circuits. The company's batteries and integrated products enable new concepts in medical, sensor, IoT, RFID, industrial control, communications, and portable electronic devices. Visit Cymbet online at www.cymbet.com.
For further information:
Jeff Sather, VP Technology and Solutions
Tel: (+1) 763-633-1791