Power Paper, a startup that has developed environmentally-friendly ultra-thin batteries, secured $10 million in a secondary financing round.
The company recruited new investors, among them Yasuda Enterprise Development Company of Japan, which is investing in Israel for the first time. Other backers includeis the EDB fund from Singapore, Israeli holdings company Ganden and Tel Aviv-traded Tadbik.
CFO Erez Kahani said that the proceeds will support the company's operations for a significant time, and allow it to focus on marketing and strategic alliances in foreign markets, which comprise the company?s main focus.
Power Paper specializes in technologies for the flexible microelectronic market. It makes environmentally friendly non-toxic microelectronic products that can be integrated in smart cards and smart tags. Its technology can be adjusted to required shapes and surface requirements.
The company's core power source is a 0.5 millimeter-thick battery.
Power Paper's target markets include smart cards and smart tags, medical and cosmetic devices, electronic packages, and toys.
In an effort to expand its production capacity in the United States and China, the company recently allied with U.S. company Graphics Solutions, which makes smart tags. Graphics Solutions ordered a production line to make Power Paper's batteries at its Chicago plant.
Meanwhile, Power Paper began manufacturing in China through a major Chinese manufacturer of electronic consumer products. The products are undergoing trial runs. The line should soon attain full production capacity of 12 million batteries a year.
The company was established in 1997 by CEO Baruch Levanon and VP R& D Zvi Nitzan. It recently opened a branch in New York, for which it is recruiting senior marketing staff. In addition, the company, which employs 40 people, maintains offices in Hong Kong, and at kibbutz Einat.