Novel battery maker Cymbet gains funding

Victor Weiss, Chairman of Cymbet Corp has announced receipt of a $4.5 million private placement of equity securities from two overseas venture capital investment groups.

Victor Weiss, Chairman of Cymbet Corp (originally incorporated under the name of Integrated Power Solutions) announced receipt of a $4.5 million private placement of equity securities from two overseas venture capital investment groups, one international group of individual investors and one from Israel.

Merchant Venture Investments (MVI) is an international equity pool of more than 400 individuals investing jointly in buyouts and development situations.

MVI has offices in Finland, Germany, Italy, Norway, Singapore, Sweden and Switzerland.

The investment in Cymbet is managed by MVI's Finnish office.

The Israeli investor is the Millennium Materials Fund 2, whose major participants are the European conglomerates; Siemens AG, Bayer AG, Henkel, DSM (Holland), Schott Glass, Bekeart (Belgium) and Clal Industries (Israel).

Cymbet Corp was co founded by Mark Jenson and Genesis Business Centers (Harlan Jacobs) as a development stage company to develop a low cost unique manufacturing process for an advanced solid-state lithium ion rechargeable battery.

The battery chemistry was developed over a 12 year period at Oak Ridge National Laboratories and has significant advantages over the best rechargeable batteries in the market.

An important characteristic of the Cymbet battery is that it is a true solid-state technology that results in an extremely large number of recharge cycles (70,000) with minimal loss of capacity.

The manufacturing technology allows batteries to be incorporated on a wide variety of substrates and in a large range of sizes and form factors.

Cymbet Corp has licensed 15 patents from Oak Ridge National Laboratory and has a series of seven of its own patents pending for major process and manufacturing improvements.

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