Energy storage devices of all kind has been a well-supported
sector recently despite a paucity of exit opportunities, and in addition to investment involving breakthrough technologies, developers are finding success in adapting legacy power technologies to new form factors for powering different kinds of portable products.
Solicore Inc. tapped into investor interest in that market with a new non-traditional round of financing in which BlueCrest Capital Finance LP,
announced $5 million in straight debt into the company after venture investors Draper Fisher Jurvetson, Rho Capital Partners, OPG Ventures, Braemar Energy Ventures and Firelake Capital Management committed $3 million in a convertible debt round. The capital will support business development for Solicore's, ultra-thin, flexible solid-state electrolyte batteries for use in smart cards, RFID devices and micro-medical applications.
Florida-based Solicore already has a strong market for its products in Asia and Europe, and, like a lot of venture-backed companies with the means to do so, sought cheaper money in debt
markets rather than additional equity dilution. The new money will help Solicore establish additional ties with manufacturers and suppliers of its proprietary Flexion products.
-- Clifford CarlsenSee May 29 post from TechConfidentialSee June 3 press release from Solicore Inc.See May 22 post from TechConfidential
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