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Item 9. <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Elk River Economic Development Authority <br /> FROM: Marc Nevinski, Assistant Director of <br /> Economic Development <br /> DATE: August 14, 2000 <br /> SUBJECT: Incubator Application: Integrated Power Solutions <br /> Issue <br /> Integrated Power Solutions(IPS) has submitted an application to enter the Business <br /> Incubator Program. IPS has conceptually developed a manufacturing process for an <br /> existing solid-state battery technology. Mark Jensen, President and CTO, will be in <br /> attendance to provide a short presentation on the company and its plans. <br /> • Background <br /> IPS is a high-tech firm that has developed a process for manufacturing a solid-state, <br /> thin-film battery technology, which has many advantages and applications. Due to <br /> the size of the battery, the technology can be integrated into the circuit boards of <br /> any electronic device, thus eliminating the need for large batteries and expanding <br /> the capabilities of the device. Additionally, the battery is recharged via radio <br /> frequencies, thus eliminating the need to remove it from the device. Finally, it has a <br /> nearly infinite lifespan and will likely outlive any device it powers. <br /> This battery technology has already been developed at Oak Ridge National <br /> Laboratories, however, production methods are too costly to bring the battery to <br /> market. Mark Jensen has conceptually developed a process to manufacture such a <br /> battery at a price acceptable to the market. <br /> IPS has received commitments for funding from both the Anoka/Sherburne County <br /> Capitol Fund and the Elk River Investment Club for an approximate total of <br /> $50,000. Additionally, the company recently secured a two million dollar <br /> commitment from a technology oriented venture capital firm. <br /> Due to limited utilities and power supply, IPS is unable to conduct research and <br /> • development of its manufacturing process at the incubator. However, the company <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 •Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />