Lithium Polymer Fuel Cell maker Solicore raise $12.2M

LAKELAND, Fla. (July 27, 2009) – Solicore, Inc. – the world’s leading developer, manufacturer and supplier of ultra-thin, flexible lithium polymer batteries under its Flexion™ brand, powering smart cards, RFID and sensor-based solutions as well as micro medical devices – announced today that it has closed the first phase of its Series D Preferred Stock financing round. The company raised $12.2 million to date in this round and expects a second closing within three weeks that will bring the total of the Series D round to approximately $13.3 million.
The financing was led by a new investor, the technology manufacturing giant Rogers Corp., based in Rogers, Conn. Previous investors Draper Fisher Jurvetson, Rho Ventures, Braemar Energy Ventures, OPG Ventures, and Firelake Capital also participated in the financing round. Additionally, Robert C. Daigle, senior vice president and chief technology officer for Rogers Corp., has joined Solicore’s Board of Directors. Proceeds from this round of financing will be used to expand manufacturing capacity, research & development, and to accelerate marketing/business development efforts around the globe.
Daigle stated, “We are very pleased to have this opportunity to partner with the industry leader for thin film lithium polymer batteries and expand Rogers’ product and market reach. We believe Solicore’s Flexion products will enable the next generation of secure access cards and medical devices. As a strategic investor and partner, we will work closely with Solicore’s management team and engineers to develop the next generation of thin film batteries.”
“This strategic relationship with Rogers is expected to dramatically increase our manufacturing capacity to keep pace with the surging worldwide demand for our Flexion batteries,” said Solicore CEO David B. Corey. “At the same time, it will enable us to continue driving even greater levels of innovation to ensure that Solicore remains the undisputed leader in the embedded power solution industry.”