Cymbet to Open World's Highest Volume Solid-State Battery Manufacturing Facility
Partnering with X-FAB Texas for second U.S. location; Cymbet also expanding in Minnesota
ELK RIVER, Minn. - Cymbet Corporation today announced that it has reached an agreement with X-FAB Texas Inc., to open the world's highest volume solid-state battery (SSB) production facility in Lubbock, Texas. This new advanced EnerChip(TM) SSB production facility significantly increases Cymbet's manufacturing capacity to supply the growing global demand for Cymbet's EnerChip devices. Financing for this project was secured through a partnership with the Lubbock Economic Development Alliance (LEDA), Texas Economic Development Bank, X-FAB Texas, Inc., and Cymbet Corporation.
Cymbet Partnering with X-FAB
The new Cymbet facility implements a "fab in a foundry concept" where the EnerChip manufacturing capability is integrated within X-FAB's Lubbock facility. "X-FAB is the ideal partner for Cymbet," said Morgan Thoma, Cymbet VP Manufacturing and Operations. "Their technical capabilities, manufacturing expertise and quality systems, including ISO 9001/9002, ISO/TS 16949 and ISO 14001 certifications, are the perfect match for Cymbet's manufacturing expansion."
Lloyd Whetzel, President and CEO of X-FAB Texas Inc., added, "Partnering with Cymbet demonstrates X-FAB's commitment to our customers' long-term success. This EnerChip solid state battery fabrication facility extends our manufacturing capabilities into new cutting-edge technologies."
The new EnerChip facility will significantly increase Cymbet's manufacturing capacity. Production will start in second quarter 2011 with additional space set aside for future growth.
Economic Development Support from City of Lubbock and State of Texas
"We are thrilled that Cymbet is coming to Lubbock," said Marc Farmer, LEDA Business Recruitment Director. "Bringing a high tech renewable energy storage device company to Lubbock with a multi-million capital investment and the addition of 100 new jobs over the next five years is an important milestone in our economic development plan."
Gov. Rick Perry said, "Texas' low taxes, reasonable and predictable regulatory environment and skilled workforce have helped make the Lone Star State the premier location for business expansion in the U.S. Thanks to the Texas Economic Development Bank, companies like Cymbet Corporation are expanding their operations in Texas and helping drive our state's economic engine."
Monte Johnson, Cymbet Chief Financial Officer, added, "Cymbet could not have realized this advanced EnerChip production facility without the support of LEDA, Tom Martin, the Mayor of Lubbock and the Lubbock City Council, the Texas Economic Development Bank, and X-FAB Texas Inc. We're very thankful for their support."
Cymbet Also Expanding in Minnesota
"In addition to our new Texas facility, Cymbet also is expanding in Minnesota - over the last 10 months, we've grown our Elk River, Minn., staff by more than 20 percent," said Bill Priesmeyer, Cymbet CEO. "We are committed to Minnesota and will add to our headquarters, R&D, manufacturing, sales and marketing staff as the business warrants. With recent capital investments in our Elk River facility and the new Lubbock production facility, Cymbet is now the only solid state battery manufacturer in the world to have two geographically diverse manufacturing facilities. This dual source manufacturing capability insures continuous product availability for our customers worldwide."
Cymbet Corporation-a clean technology company-is the leader in solid-state energy storage solutions for microelectronic systems. The company is the first to market eco-friendly rechargeable solid-state batteries that provide electronic systems designers with new embedded power capabilities. The company's EnerChip(TM) devices enable new concepts in energy storage application for ICs and new products for medical, sensor, RFID, industrial control, communications and portable electronic devices. Visit Cymbet online at www.cymbet.com.
About X-FAB, Inc.
As the world's leading foundry group for analog/mixed-signal semiconductor applications, X-FAB creates a clear alternative to typical foundry services by combining solid, specialized expertise in advanced analog and mixed-signal process technologies with excellent service, a high level of responsiveness and first-class technical support. X-FAB manufactures wafers for automotive, industrial, consumer, medical, and other applications on modular CMOS and BiCMOS processes in geometries ranging from 1.0 to 0.18 µm, and special BCD, SOI and MEMS long-lifetime processes. With its four manufacturing sites in Germany, Malaysia and the USA, X-FAB has a combined capacity of ~62,000 eight inch equivalent wafer starts per month and employs 2,500 employees worldwide.
Lubbock Economic Development Alliance's mission is to promote economic growth by creating high-quality jobs, attracting new capital investment, retaining and expanding existing business, and improving Lubbock's quality of life.
About Texas Economic Development Bank
The Texas Economic Development Bank provides flexible funding and oversight of several finance and tax incentive programs. The incentive programs target three key audiences which include Texas businesses, Texas communities and Texas lending institutions. The Texas Economic Development Bank programs include Finance Programs, Enterprise Programs and Small Business Assistance.
Source: Cymbet Corporation