PRESS RELEASE
Blue Spark Technologies, Inc., the leading designer and manufacturer of thin, flexible, green printed batteries for industry, recently announced that the company has completed its first closing on a planned $5.0 million round of Series B funding. This initial investment will be used to support the ramp-up of Blue Spark’s 1.5V carbon-zinc battery production for large volumes of battery assisted passive RFID implementations scheduled to ship starting in the fourth quarter of 2009. Funding sources include existing Blue Spark investors Early Stage Partners and SunBridge Partners, as well as several additional private investors.
According to Blue Spark President and CEO Gary R. Johnson: “The development of a new integrated circuit designed to support UHF Gen2 battery assisted passive RFID, from Swiss semiconductor manufacturer EM Microelectronic, is a game changer for RFID. Systems integrators and end users have now become aware of a number of high-value applications for which passive UHF did not provide adequate read range or reliability, and active RFID was simply too expensive.
“With battery assisted operation, the performance of UHF RFID dramatically improves, while the cost remains a small fraction of active,” Johnson continues. “We are confident that the new price/performance point for battery assisted RFID will lead to numerous high-volume users. We are especially pleased to see the demand for our batteries take off as initial battery assisted passive projects move from development into production later this year.” Johnson was interviewed this week by CNBC’s “The Tech Effect” for his comments on the impact of flexible batteries on various markets including RFID.
To view a video of the interview, click on this link: http://www.cnbc.com/id/15840232?play=1&video=1188892272Or visit www.cnbc.com and click on the Videos icon.
According to Jim Petras, Managing Director of Early Stage Partners: “We are excited to be able to continue to support Blue Spark by participating in this series B round of funding. Blue Spark is the leading provider of printed power solutions, and our support will enable them to meet their goal of ramping to high volume manufacturing in the 4th quarter of this year.”
John Gannon, General Partner at SunBridge Partners, adds: “As the lead investor in Blue Spark’s series A round, we were confident in Blue Spark’s ability to deliver world class technology through an effective management team. Our participation in this series B round underscores our assurance, and will enable them to expand their personnel in support of their build to revenue later this year.”
Blue Spark’s has closed on $1.5 million in this $5 million round which will enable them to kick off their continued growth activities while providing working capital to support their sales ramp. Blue Spark is working with institutional investors to close out the remaining $3.5 million in this round.
About Blue Spark Technologies
Blue Spark Technologies, Inc. is the leader in developing flexible, printed, “green,” proprietary power source solutions for battery-powered printed electronic systems. The company was founded as Thin Battery Technologies in 2002 with patented technology and technical leadership from Energizer (Eveready Battery Company). Blue Spark customers include manufacturers, product designers, and integrators across multiple industries including: interactive packaging, RFID, pharmaceutical, powered smart cards, and novelty items. Users of products powered by Blue Spark batteries enjoy increased efficiency, greater convenience and portability, improved safety, lower manufacturing and assembly costs, higher profit margins, and greater environmental responsibility.
For more information, visit www.bluesparktechnologies.com or call +1 440 249 5400.
About Early Stage Partners
Early Stage Partners is an early stage venture capital firm based in Cleveland, Ohio. The company invests in promising opportunities in instrumentation and control technology, life sciences, advanced materials, energy, information technology, and electronics. The company’s principals have over one hundred years combined experience in early stage company formation and development, with a significant network of relationships throughout the United State that can be used to attract management, develop strategic partnerships, and provide later stage funding. www.esplp.com.
About SunBridge Partners
SunBridge Partners is a US-based venture capital firm pursuing a targeted, research-based approach to identifying and investing in private US technology companies pioneering innovations based on advanced technologies in computing, communications and manufacturing, including materials, semiconductors, components, equipment and software. SunBridge Partners’ capacity for strategic guidance based on deep domain expertise, proven track record of assisting portfolio companies, and global network of contacts and partners providing international market insight and revenue opportunities make it a preferred and effective investment partner to the most promising of startup companies. www.sunbridgepartners.com
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