Thin-film battery developer Infinite Power Solutions announced Wednesday that it had raised $13 million in a second round of venture funding. The round was led by previous investors D.E. Shaw Ventures and Polaris Venture Partners.
The announcement comes as the Littleton, Colo. company is set to begin shipping this month from its first manufacturing facility, also in Littleton. Infinite Power Chief Executive Ray Johnson said in a statement that the funding would allow the company to expand its sales and increase applications of its technology.
Thin-film battery technology has gained considerable momentum in recent years. These solid-state batteries have high energy densities, can be recharged thousands of times, and are as thin as 10 microns—or 10 millionths of a meter.
Thin-film technology could replace conventional batteries in applications like RFID tags, sensors, smart cards and labels, and portable devices, according to a May report by Frost & Sullivan.
Competitors in thin-film batteries include Micro-Energy, an Oak Ridge, Tennessee company traded over the counter, and Intel Capital-backed Cymbet, based near Minneapolis.
But thin-film batteries are considerably more expensive than conventional batteries because of high manufacturing costs. To succeed in the market, thin films will have to compete on price and performance with existing technologies like coin cells, according to the Frost & Sullivan report.
Founded in 2001, Infinite Power claims to have the world’s first volume manufacturing facility for thin-film batteries. The company is targeting the medical device, consumer electronics, automotive, military and aerospace industries.
In October, Infinite Power announced a cooperative agreement with the giant defense contractor Lockheed Martin. Terms of the deal were not released.
Other investors in the financing round included Applied Materials venture arm Applied Ventures, Core Capital Partners, and In-Q-Tel. The startup raised $35.7 million in its first venture round.