Rogers Corp. Announces Strategic Investment In Solicore
Rogers Corp. announced that it has made a strategic investment of $5 million in Solicore, Inc.. Solicore specializes in embedded power solutions, offering its patented Flexion™ advanced ultra-thin, flexible, lithium polymer batteries for smart cards, controlled access cards, RFID tags, and medical devices.
This investment, part of a total of $13.3 million raised by Solicore in the current financing round, provides Rogers a minority equity stake in Solicore and representation on Solicore’s Board of Directors. Rogers and Solicore also agreed to enter into a joint agreement to develop the next generation of power solution products that will strengthen and extend Solicore’s market position. Rogers will have the right to manufacture a portion of the products that result from this collaboration.
Robert C. Daigle, Rogers’ Senior Vice President and Chief Technology Officer, stated, "We are very pleased to have this opportunity to partner with the industry leader for thin film lithium polymer batteries and expand Rogers’ product and market reach. We believe Solicore’s Flexion™ products will enable the next generation of secure access cards and medical devices. As a strategic investor and partner, we will work closely with Solicore’s management team and engineers to develop the next generation of thin film batteries."
David B. Corey, Solicore’s CEO, stated: "This exciting new partnership allows Solicore to leverage Rogers Corp.’s expertise in the field of printed electronics and high volume manufacturing of specialty materials. This strategic relationship is expected to dramatically increase our manufacturing capacity and enhance Solicore’s leadership position in the embedded power solution industry."