Cymbet Receives $4.5 Million Private Placement of Equity Securities

May 31, 2001 by Jeff Shepard

Chairman Victor Weiss of Cymbet Corp. (Elk River, MN) recently announced receipt of a $4.5 million private placement of equity securities from Merchant Venture Investments (Netherlands) and Millennium Materials Fund Two (Israel).

Cymbet was cofounded by Mark Jenson and Genesis Business Centers as a development-stage company to develop a low-cost manufacturing process for advanced solid-state lithium-ion rechargeable batteries. The battery chemistry was developed over a 12-year period at Oak Ridge National Laboratories (ORNL, Oak Ridge, TN). The Cymbet battery is a true solid-state technology that is claimed to have an extremely large number of recharge cycles (70,000) with minimal loss of capacity. The batteries can be incorporated on a wide variety of substrates and in a large range of sizes and form factors. Cymbet has licensed 15 patents from ORNL and has a series of seven of its own patents pending.