Firefly Energy Inc., (www.fireflyenergy.com) the Peoria-based spin out of Caterpillar Inc. now developing a carbon-graphite foam lead acid battery for commercial and military uses, has completed a $10 million Series B equity round of financing.
Firefly Energy will use its new capital to accelerate product development, expand existing lab facilities, implement manufacturing partnerships, advance product awareness in new markets, and continue the support of commercial and military customers.
“The level of interest from our current and new investors reinforces the momentum we’re seeing in the marketplace for next generation battery performance that utilizes safe, cost-effective, lead-acid battery chemistry,” said Edward F. Williams, Chief Executive Officer of Firefly Energy. Regarding the newest financing, Williams said “The additional capital provides the financial depth and support Firefly Energy will need as our accelerated growth continues in these markets hungry for innovative energy storage solutions.”
Participating in this equity round is new investor Stark Investments, LP, as well as existing investors Caterpillar, KB Partners, the Illinois Finance Authority and the Tri-County Venture Capital Fund.
Firefly Energy (www.fireflyenergy.com) is a Peoria, Illinois company which has developed a next generation lead acid battery technology that has the opportunity to address major portions of the $30 billion worldwide battery marketplace. Firefly’s carbon-graphite foam-based battery technology can deliver a unique combination of high performance, extremely low weight and low cost, all in a battery which utilizes the best aspects of lead acid chemistry while overcoming the corrosive drawbacks of this same chemistry. This product technology delivers to battery markets a performance associated with advanced battery chemistries (Nickel Metal Hydride and Lithium), but for one-fifth the cost, and can be both manufactured as well as recycled within the existing lead acid battery industry’s vast infrastructure. The company was formed after its technology, technical founder, and initial seed funds were spun out of Caterpillar, Inc. (www.cat.com),
Ok GM, here's the battery to put in some Volt cars to begin testing, if you're serious about putting out series-hybrid.
Oh, that's right, GM hasn't built even a hand full (if any) of cars to test the technology of a battery based series-hybrid. Even when other car companies (not the american companies in collusion with each other and big oil) are BUILDING cars that use lithium-ion.
Posted by: Anonymous | March 03, 2007 at 12:11 PM