Securing $25 million in financing will allow International Battery to complete its new manufacturing facility in Allentown, Pa., advance project development and proceed to implement its business plan. The company, which designs, develops and manufactures high-energy, high rate, iron phosphate and cobalt oxide lithium ion rechargeable cells, received the financing from Digital Power Capital, an affiliate of Wexford Capital LLC. International Battery's new Allentown facility will produce large format lithium ion rechargeable cells and batteries, allowing International Battery to increase its domestic capability for production of low cost lithium ion cell technology for use in hybrid electric, plug-in hybrid electric and extended range electric vehicles. International Battery continues to expand its military battery business applying its Generation II Battery Management System technology to military, industrial and vehicle applications. International Battery's large format rechargeable iron phosphate and cobalt oxide lithium ion technology will make extended range vehicle applications a reality. "We continue to apply our proven technology to our new lithium ion production facility and to develop cost effective products and designs to meet current and future applications in vehicle, industrial and military markets," says John Kaufman, chairman and CEO of International Battery. "We have developed a safe and cost-effective product and designed a production facility to meet current and future demand for our high-quality products. Our development of the Generation II Battery Management System will advance the application, improved performance and safety of our lithium ion products for use in a wide range of markets." International Battery's leading-edge, large format lithium ion manufacturing technology is designed to apply the automation, production quality systems, process management and conditioned environment needed to support the stringent manufacturing and quality requirements of International Batter''s customers. "Our investment in International Battery extends our pursuit of advanced, next-generation energy and power technologies," says Mark Mills, co-founding partner of Digital Power Capital. "We were impressed with both the technology and the team at International Battery, and their unique large format rechargeable lithium ion technology. Next-generation lithium batteries are now poised to move beyond PCs and cell phones, and enter the mainstream of high power applications where we expect International Battery to be a leader." For more information about International Battery, visit the company's Web site. |
