International Battery of Oakland, N.J. has raised $25 million in financing from Digital Power Capital, an affiliate of Wexford Capital. The funding will be used to complete a manufacturing facility in Allentown, Penn., which will make large-format lithium ion rechargeable cells and batteries.
PRESS RELEASE
International Battery (IB) announced today that the Company has secured up to $25 million of financing from Digital Power Capital, an affiliate of Wexford Capital LLC, a Greenwich, CT-based investment advisor that manages a series of affiliated private equity and hedge funds. This funding will allow the Company to complete its manufacturing facility in Allentown, Pennsylvania, advance product development and proceed to implement its business plan.
International Battery’s new Allentown facility will produce large format lithium ion rechargeable cells and batteries, allowing International Battery to increase its domestic capability for production of low cost lithium ion cell technology for use in hybrid electric, plug-in hybrid electric and extended range electric vehicles. International Battery continues to expand its military battery business applying its Generation II Battery Management System technology to military, industrial and vehicle applications. International Battery’s large format rechargeable iron phosphate and cobalt oxide lithium ion technology will make extended range vehicle applications a reality.
“We continue to apply our proven technology to our new lithium ion production facility and to develop cost effective products and designs to meet current and future applications in vehicle, industrial and military markets,” said John Kaufman, Chairman and CEO of International Battery. “We have developed a safe and cost-effective product and designed a production facility to meet current and future demand for our high-quality products. Our development of the Generation II Battery Management System will advance the application, improved performance and safety of our lithium ion products for use in a wide range of markets.”
International Battery’s leading-edge, large format lithium ion manufacturing technology is designed to apply the automation, production quality systems, process management and conditioned environment needed to support the stringent manufacturing and quality requirements of International Battery’s customers.
“Our investment in International Battery extends our pursuit of advanced, next-generation energy and power technologies,” said Mark Mills, co-founding Partner of Digital Power Capital. “We were impressed with both the technology and the team at International Battery, and their unique large format rechargeable lithium ion technology. Next-generation lithium batteries are now poised to move beyond PCs and cell phones, and enter the mainstream of high power applications where we expect International Battery to be a leader.”
About International Battery
International Battery is an integrated designer, developer and manufacturer of high-energy, high rate, iron phosphate and cobalt oxide lithium ion rechargeable cells. The Company is a developer and supplier of battery systems and battery system chargers for use in a wide range of vehicle, military and industrial applications. The Company’s target markets are the U.S. military, military contractors, electric and hybrid electric vehicle manufacturers, as well as manufacturers of auxiliary power units, uninterruptible power systems and backup power systems. With a variety of cell chemistries, electronic and packaging technologies, and broad design experience, IB offers total systems solutions for high energy and high rate applications on a worldwide basis.
For more information please visit our website at http://www.internationalbattery.com or contact Elizabeth Reynolds at (201) 405-1200.
About Digital Power Capital
Digital Power Capital (DPC) is an affiliate of Wexford Capital LLC, a Greenwich, CT-based investment advisor that manages a series of affiliated private equity and hedge funds. DPC invests in the new technologies that arise from the convergence of power and the tools, materials and software of the digital age. Digital power technologies permit faster, smaller, and more efficient power generation, conversion, transmission, and storage in every aspect of the economy. DPC focuses on leading-edge energy and power conversion technologies. For more information, please visit our website at http://www.digitalpower.com .
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