Electrofuel Inc. announced today that it has raised U.S. $ 30 Millionin a private placement.
Electrofuel will use the proceeds, primarily, to expand production of the Company’s flagshipproduct the PowerPad 160TM as well as to develop new products based on its Lithium IonSuperPolymer TM battery technology.
Electofuel recently launched the PowerPad 160TM, and since that time has generated considerablemedia coverage, won several awards, and received interest from a range of industries. ThePowerPad 160TM is based on Electrofuel’s patented Lithium Ion SuperPolymerTM rechargeablebattery technology. The Company believes that the PowerPad 160TM stores significantly moreenergy than any other rechargeable battery currently available commercially. In repeated tests thePowerPad 160TM has run laptop computers longer than 15 hours. Other commercially rechargeablebatteries typically run four to six hours.
Dr. Sankar Das Gupta, President and CEO of Electrofuel Inc., said: “The funding enables us toramp up production to meet the very significant demand for the PowerPad 160TM The money willalso enable us to address the market opportunities for variations on the fundamental technology.We are pleased that the financial market shares our vision of the potential in the technology.”
Electrofuel Inc. is engaged in the development, commercialization, manufacturing and marketing ofits Lithium Ion SuperPolymerTM rechargeable battery technology. Electrofuel intends tocommercially exploit this technology in applications ranging from portable computers and cellularphones to electric cars and solar energy storage.
The securities have not been registered under the United States Securities Act of 1933, and may notbe offered or sold in the United States unless an exemption from registration is available.
For more information, please contact:
Electrofuel Inc. Sankar Das Gupta
(416) 535-1114 x 29 dmurdoch@gomi.com
Hill and Knowlton Michael Van Dusen
(416) 413-4613 mvandsen@hillandknowlton.ca
For more information, please contact:
Electrofuel Inc. Sankar Das Gupta
(416) 535-1114 x 29 dmurdoch@gomi.com
Hill and Knowlton Michael Van Dusen
(416) 413-4613 mvandsen@hillandknowlton.ca