Powermat, an Israel-based company making wireless charging pads for mobile devices, has acquired Finland-based peer PowerKiss for an undisclosed amount. Powermat backers include New York-listed consumer goods company Procter & Gamble and car maker General Motors’ (GM) corporate venturing unit, while Powerkiss shareholders included venture capital firm Finnvera. In the past, Powermat and PowerKiss had backed incompatible standards but the merger means both are committed to the same PMA standard, which has the backing of AT&T, Procter & Gamble and Starbucks. Keith Bonnici, investment manager of Finnvera, which invested in PowerKiss in early 2010, said: “Wireless charging industry and business are growing very fast globally. I’m very pleased that the two leading wireless power companies PowerKiss and Powermat Technologies are uniting their businesses. With combined forces Powermat is able to become de facto player in the wireless industry.” In September 2011, Procter & Gamble, which makes Duracell batteries, invested an undisclosed amount as part of a larger strategic partnership with Powermat. The joint venture between Duracell and Powermat is expected to start next year. In January 2011, US-based car maker General Motors’ corporate venturing unit invested $5m in Powermat as its first deal outside of America. As part of its investment, GM Ventures agreed exclusivity on the use of Powermat products in its cars for the first year and is expected to have them in its electric Chevrolet Volt vehicle by next year. Venture capital firm Navitas Capital, which raised its first fund in 2009 including contractor Webcor Builders as a limited partner, has Powermat as one of its clean-tech portfolio companies.
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Powermat kisses peer in deal
May 28, 2013 • Global Corporate Venturing
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