New capital will expand manufacturing and R&D
LAKELAND, Fla. (July 27, 2009) – Solicore, Inc. – the world’s leading developer, manufacturer and supplier of ultra-thin, flexible lithium polymer batteries under its Flexion™ brand, powering smart cards, RFID and sensor-based solutions as well as micro medical devices – announced today that it has closed the first phase of its Series D Preferred Stock financing round. The company raised $12.2 million to date in this round and expects a second closing within three weeks that will bring the total of the Series D round to approximately $13.3 million.
The financing was led by a new investor, the technology manufacturing giant Rogers Corp., based in Rogers, Conn. Previous investors Draper Fisher Jurvetson, Rho Ventures, Braemar Energy Ventures, OPG Ventures, and Firelake Capital also participated in the financing round. Additionally, Robert C. Daigle, senior vice president and chief technology officer for Rogers Corp., has joined Solicore’s Board of Directors. Proceeds from this round of financing will be used to expand manufacturing capacity, research & development, and to accelerate marketing/business development efforts around the globe.
Daigle stated, “We are very pleased to have this opportunity to partner with the industry leader for thin film lithium polymer batteries and expand Rogers’ product and market reach. We believe Solicore’s Flexion products will enable the next generation of secure access cards and medical devices. As a strategic investor and partner, we will work closely with Solicore’s management team and engineers to develop the next generation of thin film batteries.”
“This strategic relationship with Rogers is expected to dramatically increase our manufacturing capacity to keep pace with the surging worldwide demand for our Flexion batteries,” said Solicore CEO David B. Corey. “At the same time, it will enable us to continue driving even greater levels of innovation to ensure that Solicore remains the undisputed leader in the embedded power solution industry.”
About Rogers Corporation:
Rogers Corporation, headquartered in Rogers, CT, is a global technology leader in the development and manufacture of high performance, specialty-material-based products for a variety of applications in diverse markets including: portable communications, communications infrastructure, computer and office equipment, consumer products, ground transportation, aerospace and defense. Rogers operates manufacturing facilities in the United States (Arizona, Connecticut and Illinois), Europe (Ghent, Belgium and Bremen, Germany) and Asia (Suzhou, China). In Asia, Rogers maintains sales offices in Japan, China, Taiwan, Korea and Singapore. Rogers has joint ventures in Japan and China with INOAC Corporation, in Taiwan with Chang Chun Plastics Co., Ltd. and in the U.S. with Mitsui Chemicals, Inc. For more information, visit www.rogerscorp.com
About Solicore, Inc.:
Solicore is a worldwide leader in embedded power solutions, offering its Flexion product portfolio of advanced, ultra-thin flexible lithium power batteries for powered cards, RFID tags and micro-medical devices. Solicore’s advanced battery technology is paper-thin, flexible, safe and environmentally friendly and significantly enhances the capabilities of lithium-based batteries. For more information, visit www.solicore.com
This press release contains forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause Solicore, Inc's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. Solicore, Inc. assumes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. The potential risks and uncertainties which could cause actual growth and results to differ materially include but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile and competitive nature of the battery industry, and changes in domestic and international market conditions, and foreign exchange rates.