Wednesday, December 3, 2008

Polaris leads $13M funding of rechargeable battery maker

By Galen Moore

Polaris Venture Partners is a leader on a $13 million Series B round of financing for Infinite Power Solutions Inc., according to a release from IPS. Fellow returning investor D.E. Shaw Ventures co-led the round with Waltham-based Polaris. Other returning investors include Core Capital Partners, Applied Ventures LLC and In-Q-Tel, as well as a new unnamed strategic investor.

Littleton, Colo.-based Infinite Power, a maker of solid-state, rechargeable thin-film batteries, announced the news today. The round of funding brings the company’s total investment to $48.7 million.

The company’s $35.7 million Series A round, raised in 2006, was used to build a volume battery manufacturing facility, which is expected to begin production shipments this month. The new funding will help ramp up volume production of the company’s new THINERGY product family, Infinite Power said in its release.

Polaris general partner Robert Metcalfe and Shaw managing director Alexander Wong both have seats on Infinite Power’s board.