TROY, N.Y., June 9, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Paper Battery Company, developer of an innovative energy storage and enhancement technology for consumer electronics and other applications, announced today the closing of a $3.0M Series A private investment round. The funds will be used to commercialize its first products that promise to significantly improve battery life in smartphones, wearables, accessories and other mobile electronic devices.
The financing, led in two tranches by Caerus Ventures, will be used to scale from the existing pilot production line to commercial manufacturing and achieve first sales revenues in 2015. In the last eight months, the company has installed a new pilot line facility, launched a commercial partnership with a global industry leader in battery pack manufacturing, TWS Industrial, and signed a test and evaluation contract with one of the largest OEM manufacturers in consumer electronics. The company's product prototypes have been validated by customers, partners, and strategic investors, and progress towards commercial production is driven by confirmed interest from these parties.
The Paper Battery Company's CEO, Shreefal Mehta, said, "This capital round will allow the company to scale production and rapidly bring to market novel pulse-power management solutions building on its ultrathin ultracapacitors. Customers have shown keen interest in the demonstrated cost-saving from reduced components and in the improved signal and energy efficiency, resulting from using our multi-functional, single package solution."
Greg Borchardt, Managing Director of Caerus Ventures and a veteran of the consumer electronics industry, said, "In all my years of developing consumer products, I am most excited about the impact that this breakthrough technology will have in augmenting or replacing lithium-ion batteries and making products more energy efficient, from the smallest internet of things to servers and automotive batteries. This company's product platform is showing that is showing that a true innovation can deliver all three benefits - cheaper, faster and better - a mantra for the electronics industry."
Other investors in this round include Tylt Lab, a strategic investor with strong market knowledge and supply chain infrastructure in consumer electronics, and well-known energy and materials venture capitalist, Tom Baruch, who is a member of President Obama's National Advisory Council on Innovation and Entrepreneurship (NACIE) that advises the U.S. Department of Commerce and the White House on science and technology innovation.
About Paper Battery Company
The Paper Battery Company has designed a game changing ultrathin ultracapacitor with industry-leading performance. Ultracapacitors enable companies to use smaller batteries without compromising energy or peak performance and the company's patented form factor solution allows for revolutionary size changes in wearables, accessories, and mobile electronics. The company's products provide scalable voltage, energy and power in a single, ultrathin package. The long life, environmentally-friendly device works with existing lithium batteries, reducing waste, and fits in or around existing components. The company's innovative business model and technology garnered recognition as a TIE50 2013 awardee and multiple competitive awards from NY State Energy and Research Development Authority. For more information go to http://www.paperbatteryco.com
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