Firefly Energy Closes Series B $10 Million Equity Financing.Strategic funds will accelerate development of its ground-breaking battery technology PEORIA, Ill. -- Firefly Energy Firefly Energy is a Peoria, Illinois-based startup company that is an offshoot of Caterpillar Inc. The company focuses on the development of next-generation lead-acid batteries. In 2006, Firefly was recognized by Frost and Sullivan for its research into carbon foam-based electrode 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, today announced it has completed a $10 million Series B equity round of financing. 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 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 Noun 1. lead-acid battery - a battery with lead electrodes with dilute sulphuric acid as the electrolyte; each cell generates about 2 volts lead-acid accumulator 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." About Firefly Energy, Inc. Firefly Energy (www.fireflyenergy.com) is a Peoria, Illinois-based 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 (NiMH) A rechargeable battery technology that has approximately 30-50% more charge per pound than nickel cadmium. Introduced in the early 1990s, it uses nickel and metal hydride plates with potassium hydroxide as the electrolyte. 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), a Fortune 90 company, in May 2003, and is headed by co-founders Edward Williams There have been several well-known people named Edward Williams, including:
See: New York Stock Exchange : CAT), BAE Systems BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. (www.baesystems.com) (London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. over the counter symbol: BAESY), Chicago-area Venture Capital firm KB Partners (www.kbpartners.com), the State of Illinois' Illinois Finance Authority, and Husqvarna (www.husqvarna.com). (Other OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : HSQVY.PK). In 2006, Firefly was named winner of both the Frost & Sullivan Technology Innovation Award and Frost's Energy Storage Entrepreneurial Storage Company of the Year Award. |
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