PolyPlus Announces Closing of $7.5 million Convertible Note Financing
Berkeley, California, May 23, 2019 – PolyPlus Battery Company (“PolyPlus”), a privately-held company focused on the development of the first rechargeable Li metal battery with a high-conductivity glass separator, is pleased to announce that the company has closed a convertible note financing agreement with Schlumberger, a strategic investor, and Belzberg & Co for the issuance of an aggregate of $7.5 million in principal amount of unsecured convertible notes. The additional capital will be used to fund aspects of development and early manufacturing of PolyPlus’ next-generation battery technology.
PolyPlus and Schlumberger also signed a non-binding letter of intent to collaborate on technology development and manufacturing of PolyPlus’ lithium-metal and lithium seawater batteries. As part of this relationship the parties may also conduct joint business development and marketing. The letter of intent outlines potential terms to facilitate PolyPlus and Schlumberger’s exploration of the collaboration in greater detail, with the structure and terms to be established within a definitive agreement.
Schlumberger brings extensive knowledge and capabilities around supplying technology globally, and is well positioned to manufacture and market batteries tailored to industry requirements.
“We are very pleased to be partnering with Schlumberger and Belzberg & Co.” said Steve Visco, PolyPlus CEO. “The prospect of working closely with Schlumberger is exciting, particularly towards creating batteries for the oil and gas industry, which they understand better than any other company we know of. Schlumberger has manufacturing capabilities and capacity that could be tailored well for production of PolyPlus batteries. In Belzberg & Co., we have found a collaborative, long-term financial partner with a deep network that can help PolyPlus continue to scale.”
PolyPlus Battery Company is headquartered in Berkeley, CA, and is a world leader in the development of next-generation battery technology. The Company invented and patented the protected lithium electrode (PLE) which is a core technology for lithium-sulfur, lithium-air, and lithium water batteries. PolyPlus’ glass-protected Li metal electrode is a disruptive technology that can address the huge demand for smaller lighter batteries. PolyPlus has a world-class team of scientists and engineers and a rich pool of intellectual property totaling more than 135 issued and 40 pending patents. The PLE was recognized by TIME magazine as one of the 50 Best Inventions of 2011, and by the Edison Committee with a Gold Edison Award in 2012. www.polyplus.com
Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has executive offices in Paris, Houston, London, and The Hague, and reported revenues of $32.82 billion in 2018. For more information, visit www.slb.com.
About Belzberg & Co
Belzberg & Co is a family-backed merchant bank with interests across an array of asset classes, including commercial and industrial real estate, public equities / credit, hedge funds and private equity. Belzberg & Co deploys capital on a direct basis and through its Balfour Pacific family of real estate limited partnerships, with vertical emphasis in value-added real estate equity, structured capital, traditional and next-generation energy production and storage, healthcare and aviation. Belzberg & Co has dual headquarters in New York and Vancouver and can be found online at www.belzbergco.com.
All statements other than statements of historical fact included in this press release are forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. We have based these forward-looking statements upon information available to management as of the date of this release and management’s expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements.