Printed circuit maker PCB Technologies Ltd. (TASE:PCBT) has acquired Israeli electrochemical plating solutions start-up Cellergy Ltd.. The deal could be worth up to $4.5 million, including $1.7 million in cash when the contract is signed. Payment is subject to up to 2.5% of net revenue from the sale of products based on Cellergy’s technology up to $3 million.
PCB also committed to cover Cellergy’s liabilities up to $180,000, which will be deducted from the conditional payment. With the acquisition, PCB will set up an automated production line for the mass production of the technology at an investment of $3.5 million.
Cellergy designs, produces, and markets low cost electrochemical double layer capacitors (EDLC, also known as supercapictors), utilizing its own proprietary process based on printing technology. The company raised $3 million from Naiot Venture Accelerator, Ofer Hi Tech Ltd., Dor Ventures and private US investors.
Cellergy CTO Joel Lang founded the company in 2002. The company has developed a unique production process, which PCB believes will enable it to slash production costs.
Published by Globes [online], Israel business news - www.globes.co.il - on June 6, 2007
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