Peoria, IL-based Firefly Energy will have its innovative carbon-
graphite foam, lead-acid battery ready for production by the fourth
quarter of 2007, following today's announcement that the Caterpillar
spin-off has completed a $10 million Series B equity round of
financing (more information is included in the news release pasted
below my e-signature).
The Firefly Energy battery, which introduces the first significant
improvement on lead acid battery technology in more than 150 years,
is currently under development for use by the U.S. military and by
lawn and equipment giant Husqvarna. After its initial production,
Firefly will work to develop their advanced batteries for hybrid
electric vehicles and hybrid trucks.
When compared to the current generation of lead-acid batteries, the
Firefly Energy battery has clear advantages:
- four times greater power density or less than 1/4 the weight
- double the life expectancy
- seven times faster recharge rate
- environmentally safer, using 80 percent less lead
The battery also is 1/10th the manufacturing cost of nickel metal
hydride and lithium ion options.
Milwaukee, WI-based Stark Investments is the latest company to back
Firefly, joining supporting businesses from Illinois: Caterpillar, KB
Partners, the Illinois Finance Authority and the Tri-County Venture