TORONTO, March 4, 2002 — OPG Ventures Inc., the venture capital subsidiary of Ontario Power Generation, announced a $4 million investment in Solicore Inc., a manufacturer of innovative solid polymer lithium-ion batteries and advanced battery systems.
“OPG Ventures invests in new, edge energy technologies such as Solicore,” said OPG Ventures’ President and CEO Peter Crombie. “We look for emerging energy opportunities that complement OPG’s core business of electricity generation and build on the company’s power technology expertise. Our decision to lead this round of financing in Solicore demonstrates our confidence that it will become a major player in this market.”
Solicore’s new battery technology introduces a safer, lighter and more compact product that represents the next-generation in electrolyte technology. Unlike conventional lithium-ion batteries, which contain liquid or gel-based electrolyte, Solicore has pioneered a dry electrolyte that incorporates a non- compressible, non-combustible, and non-toxic plastic film. Cells can be created in any shape or formed into a variety of designs suitable for applications from thin profile batteries for biometric identification cards to larger uninterruptible power supplies.
“Energy technology investment is taking off, just like similar investments did when the telecommunications industry deregulated – the outcome then was new, innovative products and services. OPG Ventures is very excited about developing innovative energy solutions that will help meet the growing energy demands of the future,” said Crombie.
Ontario Power Generation is an Ontario-based company, whose principal business is the generation and sale of electricity to customers in Ontario and to interconnected markets. OPG’s goal is to be a premier North American energy company, focused on low-cost power generation and wholesale energy sales while operating in a safe, open and environmentally responsible manner.
OPG Ventures provides equity capital to entrepreneurial companies developing new power generation technologies or unique energy-related technologies. OPG Ventures combines in-house financial and power industry expertise with the considerable resources, technical expertise and market relationships of its parent, Ontario Power Generation.