BrightVolt Raises $16 Million in Series B Funding Led by New Science Ventures and Caterpillar Venture Capital Inc.
REDMOND, Wash., Oct. 06, 2021 (GLOBE NEWSWIRE) -- BrightVolt, Inc., a global leader in the design, development, and manufacturing of safe, high energy and low cost solid-state Lithium-Ion batteries has successfully closed the first tranche of a $16M Series B financing round with significant investments by New Science Ventures (NSV) and Caterpillar Venture Capital Inc. (Caterpillar). Fresh funds will be utilized for development of larger form factor products targeting industrial electrification and e-mobility markets.
Caterpillar is supporting customers during the energy transition to a reduced-carbon future through investments in new products, technologies and services. The company currently offers battery-powered equipment for the mining, construction, energy and transportation industries and recently announced seven sustainability goals to achieve by 2030, including that 100% of Caterpillar's new products through 2030 will be more sustainable than the previous generation.
"BrightVolt's core polymer matrix electrolyte technology (PME®) has demonstrated a lot of promise in terms of its performance, and we're excited to participate in this investment round," said Jihad Salahuddin, Caterpillar Senior Investment Manager. "BrightVolt's innovative approach to manufacture solid-state Lithium-Ion batteries, utilizing their PME® technology, is compatible with existing roll-to-roll Lithium-Ion manufacturing lines requiring very minor capital refinements, while achieving a considerable improvement in several performance metrics."
"Caterpillar has a long-standing commitment to sustainability. We are excited to collaborate with them on developing next-generation, solid-state Lithium-Ion batteries as another step on their path to help customers achieve their climate-related objectives," noted Todd Peters, CEO, Chairman.
The industrial battery market was estimated at $9.0B in 2020 and is anticipated to grow to $30.8B by 2030, registering a CAGR of 13.2% from 2021 to 2030.
"BrightVolt has taken a unique approach to developing a novel polymer solid-state electrolyte for Lithium-Ion batteries," noted Somu Subramaniam, Managing Partner at NSV. "With a strong leadership team in place, the company is targeting commercialization of Lithium-Ion batteries utilizing its proprietary polymer electrolyte technology in several key applications that have realized their theoretical limitations with use of traditional Lithium-Ion batteries like e-mobility."
Having already sold more than 15 million primary solid-state batteries globally, BrightVolt is now bringing truly novel advances to the rechargeable battery markets, making safe, high energy and low-cost solid-state batteries a reality. With a clear target set by the Biden administration for 50% of all new car sales in the United States to be electric vehicles by 2030, BrightVolt will have the ideal battery technology in place to power this mass adoption.
About New Science Ventures
New Science Ventures, LLC (NSV), is a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value. NSV invests in companies using science-based innovations to address market needs in Life Sciences and Technology sectors. For more information, visit https://www.newscienceventures.com/
About Caterpillar Venture Capital Inc.
Caterpillar Venture Capital Inc. assists entrepreneurs and startups around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar's industry expertise, supply base, and independent dealer network. Caterpillar Venture Capital's focus areas of investment include robotics, energy, advanced materials, and digital solutions that help its customers be successful. Caterpillar Venture Capital is a wholly-owned subsidiary of Caterpillar Inc., the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. For more information, visit https://www.caterpillar.com
About BrightVolt, Inc.
BrightVolt's mission is to improve the world through higher-performing battery chemistries. With a Research and Development Center in Indiana and corporate headquarters in Redmond, Washington, BrightVolt is constantly challenging the limits of chemistry, physics, and manufacturing science to support safer, healthier and more powerful new product innovations. BrightVolt's Rechargeable solid-state batteries can power a broad range of applications including hybrid and electric vehicles as well as consumer electronics such as smartphones, laptops, e-readers, drones, medical and wearable devices along with other IoT products. To date, BrightVolt has sold over 15 million primary solid-state batteries with customers on every continent in a wide variety of industries including medical, automotive, industrial, and consumer products. For more information, visit https://www.brightvolt.com
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Company Contact:
Salil Soman
BrightVolt, Inc.
ssoman@BrightVolt.com
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