Boulder Ionics Corp., the advanced energy storage technology company, just bagged a $4.3 million Series A round led by Pangaea Ventures. Other investors include new backers 9th Street Investments, CalCEF Clean Energy Angel Fund, and JSR Corporation, and existing backers, including Protonic Capital and complementing funds from the National Science Foundation, US Air Force and US Navy.
Boulder Ionics Corporation today announced the completion of a $4.3 million Series A financing. The over-subscribed financing round was led by Pangaea Ventures, and joined by new investors 9th Street Investments, CalCEF Clean Energy Angel Fund, and JSR Corporation as well as existing investors including Protonic Capital. The investor funds complement the company’s grant awards totaling almost $1 M from the National Science Foundation (NSF), U.S. Air Force (USAF) and U.S. Navy (USN). Boulder Ionics has developed a novel, high-throughput, low-cost synthesis platform for producing ionic liquid electrolytes for use in advanced energy storage devices.
Ionic liquids (room-temperature molten salts) are a relatively new class of materials that show tremendous promise for electrolytes in energy storage applications. Ionic liquids are safer and higher-performance replacements for the flammable organic solvents currently used in devices such as lithium-ion batteries. Batteries using ionic liquid electrolytes can be non-flammable, are stable at higher temperatures and can operate at higher voltages (increasing energy density and lowering cost). Although there is extensive worldwide interest in the energy storage market, commercial use has been limited due to lack of supply and high cost. Boulder Ionics will be the first U.S. manufacturer targeting production of ionic liquids in industrial volumes.
“Boulder Ionics’ novel, high-throughput production process allows us to manufacture ionic liquids at high purity and low cost, finally addressing the key bottleneck in moving these novel materials into the marketplace,” said Boulder Ionics’ CEO Dr. Jerry Martin. “With the financial backing and industry expertise of our investor base, we have the resources to increase our production capacity and advance our product development pipeline. Over the next two years, we and our partners will demonstrate ionic liquid based electrolytes in a range of devices from ultracapacitors and lithium-ion batteries to metal-air batteries.”
“Over the last decade, we have witnessed a global race to improve the performance, safety and cost of electrical energy storage,” said Andrew Haughian of Pangaea Ventures. “Looking at various technology roadmaps for the next decade, it is clear that safer, higher performance electrolyte materials will be urgently needed. The Boulder Ionics’ team has developed a breakthrough manufacturing technology and unique ionic liquids product portfolio that promises to meet the cost requirements of this market. We are excited to support the further development and realization of the huge commercial potential of these materials in the marketplace.”
Boulder Ionics will use this round of funding to further protect the company’s intellectual property, expand their team, and build a pilot production facility for electrochemical-grade ionic liquids.
For information or questions regarding Boulder Ionics’ technology, contact Dr. Jerry Martin, CEO, at 303-432-1400.
About Boulder Ionics: Boulder Ionics (http://www.boulderionics.com) is a rapidly growing energy storage materials company that produces ionic liquids and ionic liquid based electrolytes for demanding electrochemical applications. Using its proprietary high-throughput synthesis platform, Boulder Ionics is the first company to manufacture ultra-high-purity ionic liquids at prices that allow for commercial adoption. Boulder Ionics’ advanced Iolyte™ electrolytes and ionic liquids have applications in a wide range of products ranging from ultracapacitors to lithium-ion batteries and next generation metal-air batteries. The company is currently working with several strategic partners and industry leaders and expects demonstration of Iolyte electrolytes in a growing number of products by the end of 2012.
About Pangaea Ventures: Pangaea Ventures (http://www.pangaeaventures.com) invests in early stage cleantech companies with world-class advanced materials innovation. Pangaea believes that breakthroughs in advanced materials are becoming increasingly important for companies to excel in the cleantech market. Advanced materials are solving fundamental problems necessary to make products more efficient and less expensive, two of the key attributes necessary for widespread adoption of cleantech.
About JSR Corporation: JSR Corporation (http://www.jsr.co.jp) is a multinational company employing over 5000 people worldwide and a leading materials supplier in a variety of technology driven markets. JSR’s global network is headquartered in Tokyo (Japan) and has factories and offices in Europe, US, China, Taiwan, Korea and Singapore. JSR is a research-oriented organization that pursues close collaborations with leading innovators in a number of industries that are a key to the present and future welfare of human society: life-sciences, energy storage, electronic materials, display and optical materials.
About 9th Street Investments: 9th Street (http://www.9thstreetinvestments.com) is a non-traditional venture capital group born out of Coorstek, the worldwide leader in advanced ceramics based in Golden, Colorado.9th Street is primarily focused on investing in businesses in the advanced materials sector.
About CalCEF Angel Fund: The CalCEF Clean Energy Angel Fund (http://www.calcefangelfund.com) is a seed and early stage venture capital fund dedicated to clean energy. The Fund deploys deep industry networks and experience to support capital-efficient companies focusing on renewable energy, energy efficiency, energy storage, and related products and services. The Fund objective is to deliver venture capital returns to Limited Partners from investments which transform the clean energy economy.