Firefly Energy Inc. a spin out of Caterpillar Inc. which is developing a carbon-graphite foam lead acid battery for commercial and military uses, has completed a $10 million Series B equity round of financing. Participating in this equity round is new investor Stark Investments, LP, as well as existing investors Caterpillar, KB Partners, the Illinois Finance Authority and the Tri-County Venture Capital Fund.
Firefly Energy has developed a next generation lead acid battery technology which delivers to battery markets a performance associated with advanced battery chemistries (Nickel Metal Hydride and Lithium), but for one-fifth the cost. It can be manufactured and recycled in the existing lead acid battery infrastructure.
Investors include Caterpillar (NYSE: CAT), BAE Systems, KB Partners, the State of Illinois’ Illinois Finance Authority, and Husqvarna.
In 2006, Firefly was named winner of both the Frost & Sullivan Technology Innovation Award and Frost’s Energy Storage Entrepreneurial Storage Company of the Year Award.
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