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@Ventures Invests in M2E Power, Inc.
Waltham, Mass. — November 16, 2007 — @Ventures, the clean technology venture capital business of CMGI®, Inc. (NASDAQ: CMGID), announced today that it has made a $2.0 million investment in M2E Power, Inc., provider of efficiency solutions for mobile and large-scale power generation. @Ventures participated in the company’s $8 million Series A financing round, along with OVP Venture Partners, Highway 12 Ventures and existing investors.
M2E Power will use the funds to speed commercialization of its patent-pending M2E™ (Motion to Energy) technology, which has the potential to fundamentally transform the way military and consumer mobile devices are powered. M2E may also provide significant economic benefits for larger-scale generator applications such as wind and ocean wave power.
Currently, M2E Power is focused on meeting the mobile power needs of the military. The company’s mobile power solution consists of a micro-generator combined with traditional battery storage to create a system that captures the kinetic energy of normal everyday motion – human or vehicle – to generate enough electricity to sufficiently power mobile devices. With a normal amount of motion, many of these products will not need to be plugged in for recharging or will experience extended run-time before recharging. M2E is designed to dramatically lower the 10-30 pound burden that soldiers often carry to power the 500+ mobile battery-powered military devices currently in use, and to help meet the consumer demand for both clean power and greater device mobility. M2E Power is already a member of General Dynamics’ EDGE Warrior Innovation Center for improved military fighting efficiency.
“Our first goal is to address the mobile power crisis our military is facing,” said David Rowe, President of M2E Power. “M2E is a solution that provides on-demand power so men and women in uniform can reduce the number of batteries they have to carry with them. Along with addressing the mobile power need, M2E is more environmentally friendly than traditional batteries.”
The M2E solution originated with Department of Energy-funded research at the Idaho National Laboratory (INL). Inventor Eric Yarger and his team at the INL sought to ease the military’s battery dependence for mobile power and offer soldiers a way to generate power as they move around. It leverages the well-proven Faraday Principle (energy produced via motion of a magnet through a wire coil), but with changes in the magnetic architecture that has broad applicability to many sizes of motor generators. M2E provides sufficient energy for potential use in devices ranging from cell phones and digital audio players to personal digital assistants (PDAs) and digital cameras.
"In our experience as cleantech-focused investors, we've rarely seen such a pragmatic approach to the achievement of significant efficiency gains," stated Marc Poirier, Managing Director of @Ventures. "We're excited about M2E's platform technology and its potential for providing strong performance improvements in everything from portable electronic devices to large-scale generators and motors."
In conjunction with the financing, Poirier and Gerry Langeler, Managing Director at OVP Venture Partners, have joined M2E Power’s board of directors.
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About M2E Power
M2E Power, Inc. is changing the landscape for military and consumer mobile devices by freeing users of the need to regularly recharge or replace batteries. M2E Power’s patent-pending technology taps the kinetic energy of everyday human or vehicle motion to continuously generate and store power in mobile devices – from night vision goggles to cells phones and MP3 players – thereby saving electricity, eliminating waste and increasing everyday usability. Moreover, it matches the cost and design characteristics of existing battery packs, allowing simple plug-in replacement without redesign. M2E Power is funded by OVP Venture Partners, @Ventures and Highway 12 Ventures. More information is available at www.m2epower.com.
About @Ventures
@Ventures is a venture capital firm providing financial and intellectual capital resources to early-stage clean technology companies. Formed in 1995, @Ventures has funded more than 75 companies across a broad set of technology sectors. The exclusive focus of @Ventures V, the firm’s fifth fund formed in 2004, is on investments in the cleantech sector, including investments in alternative energy, energy storage and efficiency, advanced materials, and water purification. For more information, visit www.ventures.com.
About CMGI, Inc.
CMGI, Inc. (NASDAQ: CMGID), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI’s venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit: www.cmgi.com.
