A team of Goodwin Procter attorneys recently advised Fluidic Energy on a $7 million investment from the International Finance Corporation (IFC), a member of the World Bank Group, to help improve cellular networks in developing countries around the world.
Fluidic, a maker of climate-smart batteries, plans to use a rechargeable metal-air system to provide low-cost backup power to cellular towers linked to unreliable electric grids. This technology, which Fluidic has been using in countries such as Indonesia, lowers the cost of providing reliable networks in rural areas and provides a cleaner alternative to diesel generators and lead-acid batteries.
IFC will provide capital to help Fluidic in its further expansion into Asia and Latin America.
Headquartered in Scottsdale, Ariz., Fluidic Energy is a privately held provider of energy storage solutions with significant operations in Southeast Asia. Founded in 2007, the company supplies zinc-air batteries to support critical loads and backup power applications worldwide.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, IFC uses its capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity.
The Goodwin deal team was led by Brad Weber and included Sarah Axtell.