Firefly Energy Closes $15M Round
11 June 2008
Firefly Energy Inc., developer of a portfolio of next-generation lead-acid battery technologies, has completed a $15 million Series C equity round of financing led by Quercus Trust, Khosla Ventures, and Infield Capital, investment firms focused primarily on clean technologies addressing environmental issues.
These new investors join existing Firefly Energy investors Caterpillar, BAE Systems, Husqvarna, KB Partners, the Illinois Finance Authority, and the Tri-County Venture Capital Fund.
Firefly Energy will use its new capital to accelerate into volume production for first-generation products in commercial and military markets. The funding will also be used to support expanded product development, research and product awareness in new markets.
The notable first market for Firefly Energy’s technology is adapting its microcell foam-based battery for the long-haul trucking market. Firefly Energy’s new battery, Oasis (earlier post), will supply power to a truck’s sleeper cab while the engine is off, reducing fuel costs while lessening the environmental impact. Moreover, the battery’s construction features less lead than used in conventional lead-acid batteries.
Hopefully now they can get moving. I wonder why these didn't hit the market in volume some time ago.
Posted by: Neil | 11 June 2008 at 09:01 AM
Product development takes time. This first-gen battery is good for building the company, but the second-gen cell is where the real action is. Hope it works.
Posted by: doggydogworld | 11 June 2008 at 10:23 AM
"I wonder why these didn't hit the market in volume some time ago."
Capital and risk. Just because something needs to be done doesn't mean we can rush into it. Batteries are a commodity technology and if you don't do it just right, you lose.
Posted by: NCyder | 11 June 2008 at 10:41 AM
Technology builds on previous technology.
The market for high capacity truck batteries is well established, so now Firefly has a reachable market to begin production.
The Battery is also a useful option for Battery cars, and once the battery is in production, it will bump up the production or conversion to BEV.
Step by step ..
Posted by: J T | 11 June 2008 at 01:18 PM
Thank you for the answers. From various projects I've been involved with, I'm well aware of how easily things can get delayed. I'm just curious as to the specifics of this case.
Posted by: Neil | 11 June 2008 at 01:58 PM
Firefly's recent partnering with Electrolux(Husqvarna) to supply batteries that are less expensive than Li Ion, may lead to a whole new grouping of early to market, small electric motor products like lawn mowers, lawn tractors and chainsaws with some power.
Posted by: Lad | 11 June 2008 at 04:32 PM
From the previous GCC article on Firefly; "The Oasis 3D carbon foam battery … up to 50% longer run-times …. … reduces the lead content .. smaller and lighter .. faster, deeper and more reliable discharges and recharges. . less expensive than lithium and nickel battery. .. a fast recharge to 100% capacity, excellent vibration resistance and greater cold-starting capabilities. .. sulfation is reduced "
So I wonder if these batteries can now provide an affordable, "full service" EV1 type vehicle.
But of course we all know GM will reach out again with their hammer of Thor and kill it. Or is it the power of three (the big three; GM as Phoebe, Ford as Piper and Mopar as Paige)?
Also GM has been working diligently since the early 70s. On what? They have refined and reduced the spillover from the FORCE. Now instead of making us buy Oldsmobiles and Impalas and Buicks and Navigators and F150s and Tundras and Titans they will turn it back on and force us to buy Hummers and Suburbans.
Posted by: ToppaTom | 11 June 2008 at 10:47 PM
I wish these things would get into mass production faster.
combine 12 of these (72v for each wheel motor) with these.
http://www.poulsenhybrid.com/index.html
and retrofit every black car and taxi for less than $5,000.
The towncars and crownvics should have plenty of trunk space.
Posted by: tony d | 12 June 2008 at 02:49 AM
I'd love to buy these for my pedal/electric tandem bike. Currently running 5x AGM Lead-acid bats 12ah and about 9 lbs each and yet the bike is still a win. With Firefly it would be a marvel.
Posted by: RoySV | 12 June 2008 at 11:38 AM
@Toppa:
the Tundra is made by Darth-Toyota - keeper of the ICE-Force.
Posted by: muzledguzle | 14 June 2008 at 03:33 PM