Enfucell Gets New Capital and New Shareholders

Enfucell, a Finnish company recognized for its achievements in developing its SoftBattery technology, has received a €600,000 capital injection from its existing and new owners, including Vera Venture and Varma, who both have invested in the company earlier. Additionally, the shares were subscribed by all existing private investors and three new business angels.

“We are more than pleased that we were able to finalize the financing round in this global economical downturn. Especially the initiative shown by Vera Venture was remarkable” says Antti Kivimaa, the chairman of the board and one of the private investors.

According to Marko Hanhikorpi, Enfucell CEO since August 2009, all almost 100 discussions with investors were useful in many ways and helped sharpen the company’s strategy in a very challenging environment.

“Now we can focus on our customers’ needs and luckily the market of printed electronics has shown signs of life during the last few months. We have succeeded in building relationships with several new and remarkable customers and technology partners, with whom we hope to meet the expectations of our investors,” Hanhikorpi says.

The cornerstones of Enfucell new strategy are: 1. Customer driven business model and product development, 2. Outsourcing of production through contract manufacturing or licensing, and 3. Utilizing strong partnerships in sales and development of commercial application.

In practice the aforementioned means downsizing of staff especially in R&D and production, as Enfucell seeks a strong industrial partner for production.