International Battery Rounds Up $35 Million for Lithium Ion Battery Development
It wasn’t all that long ago that International Battery was proudly announcing a deal with NASA that included providing a battery prototype that will serve as backup power in support of the space shuttle program. Just months after such a significant transaction. International Battery is now announcing that raising $35 million in financing for its manufacturing, development and marketing operations.
International Battery’s proprietary large-format, prismatic lithium ion technology allows it to offer customers innovative battery system solutions. The Company’s products are used in a variety of stationary (including electric utility/smart grid), transportation and military applications. In addition, the company’s low-cost, water-based manufacturing process avoids the use of toxic solvents, which are standard in manufacturing today.
“This infusion of capital will allow International Battery to pursue its focused expansion goals, while continuing to provide its customers with the leading large-format lithium ion technology available in the market today,” said International Battery President and CEO Dr. Ake Almgren.
“International Battery’s investors and board are very pleased with its progress,” said Mark Mills, International Battery Chairman and co-founding partner of Digital Power Capital. “We continue to be impressed with the exceptional team led by Dr. Ake Almgren. And, we are confident that the market is now poised for enormous growth in high-value big energy storage systems where there are compelling benefits from the company’s unique, exceptionally large cell technology.”
While most lithium ion battery manufacturers have their eyes set on a much-anticipated boom in the electric-vehicle market, International Battery, for now anyway, remains focused on large format Li-ion batteries for smart grid and other up-scaled storage needs.
Category: Battery News
