International Battery Receives up to $25

08.12.2007 (wattgehtab.com) - Oakland, NJ - International Battery (IB) announced that the Company has secured up to $25 million of financing from Digital Power Capital, an affiliate of Wexford Capital LLC, a Greenwich, CT based investment advisor that manages a series of affiliated private equity and hedge funds.

This funding will allow the Company to complete its manufacturing facility in Allentown, Pennsylvania, advance product development and proceed to implement its business plan. International Battery’s new Allentown facility will produce large format lithium ion rechargeable cells and batteries, allowing International Battery to increase its domestic capability for production of low cost lithium ion cell technology for use in hybrid electric, plug-in hybrid electric and extended range electric vehicles.

International Battery continues to expand its military battery business applying its Generation II Battery Management System technology to military, industrial and vehicle applications. International Battery’s large format rechargeable iron phosphate and cobalt oxide lithium ion technology will make extended range vehicle applications a reality. “We continue to apply our proven technology to our new lithium ion production facility and to develop cost effective products and designs to meet current and future applications in vehicle, industrial and military markets.” said John Kaufman, Chairman and CEO of International Battery.

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