Cymbet Secures $20 Million to Drive International Expansion and New Smart Battery Solutions
Cymbet Corporation today announced that it has completed a recapitalization of the company in connection with a $20 million equity investment led by U.S.-based Island Shore Investments (ISI). This significant investment and restructuring will eliminate the majority of long- and short-term debt, fund the completion of new products and provide significant working capital to expand Cymbetâ€™s business in important international markets. ISI and the other investors are highly successful operators and investors in the semiconductor industry with significant experience growing companies like Cymbet in the international electronic component marketplace.
â€œIn todayâ€™s challenging capital markets, Cymbet has been pursuing industry partners that share our vision of the companyâ€™s potential.â€ said Bill Priesmeyer Cymbet CEO. â€œWe are fortunate to have new shareholders who both understand that potential and are financially committed to the success of our global sales and product development efforts.â€
Cymbet, a privately held clean technology company, is the world leader in solid-state energy storage solutions for microelectronic systems. The companyâ€™s EnerChipâ„¢ devices are the first eco-friendly rechargeable solid state batteries that provide electronic systems designers new embedded power capabilities. Cymbet has manufacturing facilities in Lubbock, Texas, in partnership with X-FAB, and in Elk River, Minnesota.
Cymbet will use this investment to significantly expand sales, marketing and technical support resources in Asia and Europe. Cymbet also will bring to market new exciting devices such as the CBC34123 Real Time Clock with integrated EnerChipâ„¢ battery that will be used by Cymbetâ€™s customers to create innovative, miniature, integrated products that solve the most challenging applications.