Infinia Corporation Secures $9.5 Million in Venture Financing
INFINIA Corporation, a leading developer of Stirling engine based products and technologies, recently announced that the company has received $9.5 million in new venture funding. Khosla Ventures of Menlo Park, CA, Vulcan Capital of Seattle, WA, EQUUS Total Return, Inc. of Houston, TX, and Idealab of Pasadena, CA joined existing investor Power Play Energy, LLC of New Canaan, CT in the financing round. The deal also includes the acquisition of Stirling Cycles, a company developing Stirling engine technology, from Idealab for an undisclosed sum.
Operating without internal combustion, a Stirling engine utilizes a temperature differential to drive a piston and produce electricity. Along with other Stirling based products, INFINIA is focused on commercializing a Stirling power system operating on concentrated solar energy for commercial and residential users. The Solar Stirling product is expected to be available in 2008. The new funds will be used to further the company’s sales and product development programs and for company operations.
“Our Stirling engines are unique – they are reliable, can be manufactured inexpensively, operate on many different heat sources and provide a platform for energy products that will change the way the world generates and utilizes energy,” said J.D. Sitton, CEO of INFINIA. “We are very pleased to welcome each of these new partners – they are an impressive and accomplished group and we know their guidance and involvement will allow us to accelerate our product development programs and expand our customer reach.”
In addition to the concentrated solar product, INFINIA and its partners are commercializing high efficiency combined heat and power products for the global appliance industry and are developing a unique, bio-gas fired Stirling generator to provide electricity and thermal energy for rural areas of developing countries.
“We have always believed in the tremendous potential of Stirling technologies for clean commercial and residential power generation and are excited to be backing the efforts of INFINIA,” said Idealab CEO Bill Gross, who will join the INFINIA board of directors. “We were greatly impressed with the potential we saw in INFINIA and we look forward to working with them and the other investors to commercialize new Stirling-based products that we believe will have a huge impact on the energy markets.” Stirling Cycles, Inc. was founded by Idealab in 2005 to develop and commercialize quiet, clean and portable Stirling engines. The company’s efforts started as part of Idealab's solar concentrator company, Energy Innovations, and then grew to be an independent company focused on developing stand alone Stirling products from a distinctly commercial perspective.
Sharon Clayton, Vice Chairman of EQUUS, will also be joining the INFINIA board of directors. Ms. Clayton stated, “The Fund seeks to invest in small cap companies with significant growth potential. Our business development strategy contemplates opportunities in twenty-first century trend sectors, including alternative energy. INFINIA is a great fit and we look forward to working with this dynamic company and its strong management team.”
INFINIA Corporation has been successfully developing and delivering innovative Stirling engines and generators since 1985. INFINIA’s proven, reliable, proprietary free-piston Stirling engine technology is at the core of residential combined heat and power appliances being commercialized by Rinnai in Asia and Bosch and Enatec in Europe and is suitable for many long-life, zero-maintenance applications. INFINIA’s mission is to improve the quality of life by changing how the world generates and uses energy.For more information, please visit www.infiniacorp.com/main.htm