LONDON – Cymbet Corp. (Elk River, Minn.), a vendor of lithium-ion microbatteries made using semiconductor manufacturing methods, has completed a recapitalization of the company through a $20 million investment led by Island Shore Investments (ISI).
The money will eliminate the majority of the long- and short-term debt that has built up since the company's formation in 2000 and fund the completion of some new product development and provide working capital for business expansion overseas, the company said.
Cymbet's rechargeable microbattery technology is intended to find use as an energy storage and delivery medium alongside energy-harvest systems in low-power applications and wireless sensor nodes. As well as using the money to expand sales, marketing and technical support in Asia and Europe Cymbet will use it to launch the CBC34123 real-time clock IC with integrated EnerChip battery.
Established investors in Cymbet include: Intel, Texas Instruments, Dow Chemical, Bekaert and others. Cymbet has manufacturing facilities in Lubbock, Texas, in partnership with X-Fab, and at its home base in Elk River, Minnesota.
Cymbet did not indicate which of the established investors participated in the lastest round of funding.
"In today's challenging capital markets, Cymbet has been pursuing industry partners that share our vision of the company's potential. We are fortunate to have new shareholders who both understand that potential and are financially committed to the success of our global sales and product development efforts," said Bill Priesmeyer, CEO of Cymbet, in a statement.
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