Lithium-ion battery maker BrightVolt said it closed the first tranche of a $16 million Series B financing round with investments by New Science Ventures and Caterpillar Venture Capital Inc. Funds will be used to develop larger form factor products targeting industrial electrification and e-mobility markets.
BrightVolt’s solid-state li-ion technology is based on a polymer matrix electrolyte chemistry. In a statement, Caterpillar said the company’s battery manufacturing process is compatible with existing roll-to-roll li-ion manufacturing lines and requires “very minor capital refinements.”
BrightVolt is targeting commercialization in several applications that have realized their theoretical limitations through the use of traditional li-ion batteries like e-mobility.
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