Evercel Raises $6.6 Million

January 12, 2000 by Jeff Shepard

Evercel Inc. (Danbury, CT) recently announced that it has raised $6.6 million in capital through the private placement of equity securities and a commitment from these investors for an additional $3.3 million, at the option of the company.According to Evercel, investors in the private placement will receive 264,000 of Series A Convertible Preferred Shares at an issue price per share of $25.00. Evercel plans to use the proceeds for manufacturing expansion in the United States, working capital and general corporate purposes."We are very pleased by the strong reception and confidence we have received from investors," said Robert L. Kanode, president and CEO of Evercel. "This latest round of financing further strengthens the company's capital base and provides the foundation for our plans to automate our US manufacturing operations as we move forward with the worldwide commercialization of our premium nickel-zinc batteries."