Solid-state power solutions from BrightVolt
Solid-state power solutions from BrightVolt
REDMOND, Wash., Oct. 6, 2021 (GLOBE NEWSWIRE) – BrightVolt, Inc., a global leader in the design, development and manufacture of safe, high-energy and low-cost solid-state lithium-ion batteries has successfully completed the first tranche of a $ 16 million Series B financing round with significant investments from New Science Ventures (NSV) . and Caterpillar Venture Capital Inc. (Caterpillar). Fresh funds will be used to develop larger form factor products targeting the industrial electrification and electric mobility markets.
Caterpillar supports customers in the energy transition towards a low carbon future by investing in new products, technologies and services. The company currently offers battery-powered devices to the mining, construction, energy and transportation industries and recently announced seven sustainability goals to be met by 2030, including that 100% of Caterpillar’s new products will be more sustainable than that by 2030 previous generation.
“BrightVolt’s Core Polymer-Matrix-Electrolyte (PME®) technology has shown promise in terms of performance and we are excited to participate in this investment round,” said Jihad Salahuddin, senior investment manager at Caterpillar. “BrightVolt’s innovative approach to manufacturing solid-state lithium-ion batteries using PME® technology is compatible with existing roll-to-roll lithium-ion production lines that require very little capital refinement, while achieving one significant improvement in several key performance indicators. “
“Caterpillar has long been committed to sustainability. We are excited to work with them to develop next generation solid-state lithium-ion batteries as a further step in helping customers meet their climate-related goals, “said Todd Peters, CEO, Chairman.
The industrial battery market was valued at $ 9.0 billion in 2020 and is projected to grow to $ 30.8 billion by 2030, with a CAGR of 13.2% from 2021 to 2030.
“BrightVolt took a unique approach to developing a novel solid state polymer electrolyte for lithium-ion batteries,” said Somu Subramaniam, Managing Partner at NSV. “With a strong leadership team, the company aims to commercialize lithium-ion batteries using its proprietary polymer electrolyte technology in several key applications that have seen their theoretical limits with the use of traditional lithium-ion batteries such as electric mobility.”
With more than 15 million primary solid-state batteries sold worldwide, BrightVolt is bringing truly novel advances to the rechargeable battery market, making safe, high-energy, and affordable solid-state batteries a reality. With a clear goal by the Biden government to have 50% of all new vehicle sales in the United States on electric vehicles by 2030, BrightVolt will have the ideal battery technology to power this mass adoption.
About new science companies
New Science Ventures, LLC (NSV), is a leading venture capital firm focused on building businesses that use breakthrough science to create exceptional value. NSV invests in companies that leverage science-based innovation to meet market needs in life sciences and technology. For more information, visit https://www.newscienceventures.com/
About Caterpillar Venture Capital Inc.
Caterpillar Venture Capital Inc. helps entrepreneurs and startups around the world grow and scale their businesses to build them today for a brighter future by leveraging Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Venture Capital’s investment focuses include robotics, energy, advanced materials and digital solutions that help its customers succeed. 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 make the world a better place through better performing battery chemistries. With a research and development center in Indiana and a corporate headquarters in Redmond, Washington, BrightVolt is constantly pushing the boundaries of chemistry, physics, and manufacturing science to support safer, healthier, and better performing new product innovations. BrightVolt’s solid state rechargeable batteries can power a wide range of applications including hybrid and electric vehicles, as well as consumer electronics such as smartphones, laptops, e-readers, drones, medical and wearable devices, and other IoT products. To date, BrightVolt has sold over 15 million primary solid-state batteries to customers on every continent in a variety of industries including medical, automotive, industrial and consumer products. For more information, visit https://www.brightvolt.com
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