Infinite Power raises $13M to ramp thin-film batteries

Littleton, Colo.-based Infinite Power Solutions (IPS) said today it raised $13 million to ramp the company as it begins shipping micro-energy storage devices later this month.

CEO Ray Johnson told the Cleantech Group that IPS is now operating the world's first facility for volume manufacturing of solid-state, rechargeable thin-film batteries, capable of producing millions of devices a year.

The 36,000-square-foot facility currently has one line operating but has the capacity to add a second line when there's sufficient demand, he said.

The Series B round was led by D.E. Shaw Ventures and Polaris Venture Partners, with participation from Core Capital Partners, Applied Materials' venture arm Applied Ventures and In-Q-Tel. The five firms also participated in the company's $35.7 million round in 2006  (see Infinite Power to build batteries in Colorado). A new, unnamed investor also took part in the Series B.

IPS licensed thin-film battery patents from Oak Ridge National Laboratory in 2001, supplementing that expertise with proprietary production processes, tooling and device modifications, Johnson said. One of the co-inventors of the thin-film battery, Bernd Neudecker, is IPS's chief technology officer.

IPS produces the device by depositing thin layers of materials onto a substraight base using physical vapor deposition. 

See the facility here »

Johnson said the device has a capacity of 1 milliamp-hour, 4.2 watts, 10,000 charge cycles, and energy leakage of just 1 percent a year. The battery can operate from -40 degrees Celsius to 85 degrees Celsius.

The device is capable of recharging through ambient energy, such as solar, thermal, magnetic and vibration energy.

"That's a huge differentiator," Johnson said. "Our technology is probably the most efficient micro-energy storage device when it comes to harvesting ambient forms of energy."

IPS's batteries directly compete with button cells, which use mercury but are allowed under strict government regulations because of the lack of alternatives (see EU readies new battery mandates). IPS's batteries could also compete with supercapacitors used in wireless communication, Johnson said.

Other uses include RFID devices, smart cards or aerospace applications.

The thin-film battery market is expected to reach 10 billion units, or $11 billion, by 2012, according to a report by Wintergreen Research in 2006. Thin-film, solid-state batteries are gaining attention because they can be deposited directly onto semiconductor chips or plastic, making the batteries flexible and durable. The batteries can also operate in a wider range of temperatures than traditional batteries and can be recharged significantly more times than lithium ion batteries. 

IPS has already started signing deals with partners, original equipment manufacturers and systems integrators. IPS currently has 28 full-time employees and expects to increase staff for sales and support of the volume production.

In October, IPS and Bethesda, Md.-based Lockheed Martin (NYSE: LMT) announced a strategic partnership to use the micro-energy devices in military and civil applications.

"Our technology is more than a thin-film battery. We call it a micro-energy storage device, like a supercapacitor that delivers the power of a microbattery," Johnson said. "That's very unique, and that’s what's getting the attention of customers like Lockheed Martin."

Lockheed, the world's No. 1 defense contractor, has also signed on with stealth ultracapacitor developer EEStor, in January announcing an agreement to use the Cedar Park, Texas-based company's devices in military and homeland security applications (see Lockheed Martin to use EEStor's ultracapacitors).

Toronto-based electric vehicle maker Zenn Motor (TSX: ZNN) is planning to use EEStor's solid-state electrical energy storage unit, which is expected to be longer lasting, lighter, more powerful, and more environmentally friendly than current battery technologies (see Zenn gearing up for EEStor-powered car).

Another thin-film battery company, Planar Energy Devices, licensed technology from the U.S. Department of Energy's National Renewable Energy Laboratory. Planar said in October it planned to have an in-house pilot production line for its PowerBlade batteries by mid-2009 (see Planar Energy plans battery line for 2009).

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