PowerGenix, a manufacturer of nontoxic, rechargeable Nickel-Zinc (NiZn) batteries, today announced the close of a $30 million Series D financing round.
The round was led by Bessemer Venture Partners and included existing investors: Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.
PowerGenix has signed $75 million in customer supply agreements since beginning high-volume manufacturing in March of this year and is supplying NiZn cells into multiple markets including power tool, lawn and garden, consumer AA, military and light electric vehicles (LEV).
The company also has its eye on hybrid vehicles, which are currently powered by nickel-metal hydride batteries. Lithium-ion batteries, currently used in laptops and other electronics, are largely considered the frontrunner for powering the next generation of battery powered vehicles, but PowerGenix believes it can capture a share of the market.
"With performance ideally suited for everything from rechargeable
AA/AAA consumer batteries to next generation hybrid and electric
vehicles, the unique size, weight and power attributes of Nickel-Zinc
allow PowerGenix to penetrate multiple market segments," added Len
Rand, managing director at Granite Ventures and PowerGenix board member.
PowerGenix’s batteries have received compliance, under third-party testing, with the European Union’s Reduction of Hazardous Materials (RoHS) and Battery Directive requirements, widely recognized as the world standard for banning toxic material in new electronic devices.
In the United States, the Rechargeable Battery Recycling Corporation (RBRC), which represents 90% of the global battery industry, recently expanded its recycling program for the first time in seven years to include PowerGenix’s NiZn batteries.
"With high volume production in place and a capital efficient manufacturing model, this financing validates PowerGenix potential to build Nickel-Zinc into the next mainstream battery technology, and demonstrates our ability to quickly address demand across diverse market segments," explained Dan Squiller, CEO of PowerGenix.
About PowerGenix
PowerGenix has developed and patented a high-energy density, high-cycle life and cost effective Nickel-Zinc battery targeting the market for power intensive portable products and hybrid electric vehicles (HEVs). Specifically designed to utilize existing Nickel-Cadmium/Nickel Metal-Hydride manufacturing processes, techniques and equipment, PowerGenix offers the supply chain scaling and security OEMs require. With its patented rechargeable Nickel-Zinc battery technology, PowerGenix is pursuing applications to replace existing Nickel-Cadmium and Nickel Metal-Hydride batteries in the multi-billion dollar rechargeable battery market.
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