It was no secret that M2E Power -- an OVP-backed startup based in Boise -- was looking for a buyer. Well, it appears as if a deal has been completed with another Northwest business.
VatorNews reports that Motionetics -- a stealthy energy device startup affiliated with Eagle, Idaho-based TenXsys -- has purchased M2E for an undisclosed amount.
M2E raised $8 million from OVP, Highway 12 Ventures and others in late 2007 to pursue a fascinating concept. The idea was that the batteries in mobile electronics (such as cell phones) could charge themselves as a person walked to the grocery store or went for a run.
But the concept just didn't work.
"M2E found that size and mass limitations surrounding the cell phone space were too restrictive, but that some larger form factors (a la vehicular motion) were more promising," OVP's Gerry Langeler told TechFlash last month. "While the cell phone opportunity captured attention because it was easy for people to relate to it, the original focus included the larger form factors."
Still, VatorNews quotes the Motionetics co-founder who said they are excited to amplify the M2E technology for military and consumer users.
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