2009-11-10 16:43:03 -
ActaCell, an innovator in next generation high power lithium ion batteries, is proud to announce it was selected by the state of Texas, through the Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC), to be awarded investment by the Texas Emerging Technology Fund (ETF). The ETF selection means a $250,000 pre-seed award of a reserved amount up to $1 million. This investment is combined with Series A funding of $5.8 million received a year ago from names such as Google.org and DJF Mercury. All investments fuel ActaCell to continue its momentum toward commercialization of its Li-Ion technology.
“We are honored to be chosen by the state of Texas to receive the ETF award,”
said Bill Ott, President & CEO of ActaCell, Inc. “Funding from the ETF, along with the final tranche milestone from our Series A financing will allow us to continue to execute our business plan of expanding the technical and management ranks of the company, as well as completing a world class Li-Ion R&D facility.”
ActaCell focuses on the field of developing lithium ion batteries which provide longer cycle life at a low cost, a major challenge in the development of cost effective electric vehicles. In conjunction with The University of Texas at Austin, this team has created a manganese spinel formulation that helps solve the capacity fade problem commonly encountered with this battery chemistry. When commercialized, ActaCell will provide Li-Ion batteries that incorporate safe operation, low cost, long cycle life and high power performance.
Recent ActaCell technical momentum includes the build out of a 425 square foot dry room for production and continued work on pilot line manufacturing progress toward production. Already, ActaCell has beaten company technical milestone targets by over 200% through work with an industry partner to scale up manufacture of its proprietary Li-Ion chemistry. This physical infrastructure and development progress validates the commercial viability of the ActaCell process and cost structure, while also allowing ActaCell to continue on its next phase of building and testing complete cells and modules/packs in target application areas such as HEV and PHEV.
The ETF award is a great validator for ActaCell, but also very important to the State of Texas in its drive to be a leader in clean energy research, development, and creation of green jobs. Particularly ActaCell’s strong partnership with the University of Texas, and productizing the University’s research and development, has the company very much in the heart of the clean/green innovation for the state.
Management fortification includes the addition of Mr. Don Runkle to the ActaCell advisory board. Don’s past accomplishments include Vice President & General Manager of the Energy & Engine Mgmt Division of General Motors where he provided oversight for such activities as the establishment of the US Advanced Battery Consortium (USABC) and for development of the EV1. Runkle also was part of the GM management team that formed parts supplier Delphi, serving as Vice Chairman and CTO. Don is currently CEO of EcoMotors International, Chairman of EaglePicher Corporation and an operating executive with Tennenbaum Capital Partners.
About ActaCell, Inc.
ActaCell is an Austin-based technology company with deep roots at The University of Texas at Austin. ActaCell is pioneering refinements to battery technology that will deliver long cycle life at low cost with safety as the number one priority. Still in the development phase, further details on ActaCell’s technology have not been publicly disclosed.
for ActaCellAndy Prince, 512-289-4728andy.prince [at]
porternovelli.com
