Firefly secures additional funding for further commercialization in the 4th quarter of 2008. Hopefully, we'll see some of this advanced SLA technology available for EV applications like bicycles soon.
PEORIA, Ill., Jun 10, 2008 (BUSINESS WIRE) -- Firefly Energy Inc., (
www.fireflyenergy.com), the Peoria, Illinois-based company developing a portfolio of next-generation lead-acid battery technologies, today announced it completed a $15 million Series C equity round of financing led by a strategic group of Clean-Tech investors.
Firefly Energy will use its new capital to accelerate into volume production for first-generation products in commercial and military markets. The funding will also be used to support expanded product development, research and product awareness in new markets.
Firefly Energy Inc. ("Firefly") is a Peoria, Illinois-based battery technology company developing a portfolio of lead-acid battery technologies and products to enhance battery performance within major portions of the worldwide battery marketplace, now estimated at $30 billion in annual sales. The company's first applied technology is a microcell foam-based battery technology, which can deliver a unique combination of high performance, extremely low weight and low cost, all within a battery which unleashes the full power potential of lead acid chemistry while overcoming its historical performance drawbacks. Firefly's battery products and their patented microcell technology deliver to battery markets a level of performance achieved with advanced battery chemistries (Nickel Metal Hydride and Lithium) but at one-fifth the cost. Microcell foam battery products can be manufactured as well as recycled within the existing lead acid battery industry's vast infrastructure. Firefly is backed by multi-billion dollar product companies such as Caterpillar (
www.cat.com)(NYSE:CAT), BAE Systems (
www.baesystems.com) (London Stock Exchange over the counter symbol:BAESY), and Husqvarna (
www.husqvarna.com Other OTC:HSQVY.PK). Additional investors include Chicago-area Venture Capital firm KB Partners (
www.kbpartners.com), Quercus Trust, Khosla Ventures (
www.khoslaventures.com), Infield Capital, and the Illinois Finance Authority. SOURCE: Firefly Energy Inc.
Extracted from MarketWatch article ...