Wednesday, December 12, 2012

Enevate Gets $24M For Battery Technology

Irvine-based Enevate, a developer of rechargeable lithium ion batteries, has raised $24M in a Series B funding, the company said this morning. The round came from CEC Capital, Tsing Capital, and Presidio Ventures, along with prior investors Mission Ventures and Draper Fisher Jurvetson. Enevate is developing next generation Li-ion batteries aimed at smartphones, tablets, and notebook PCs. The firm says its technology "dramatically" increase energy density over conventional battery technology. The company said the funds will go to bring its first products to market and to accelerate commercialization of its technology. The new funding round awhile since its initial Series A funding, back in 2008, when the company spun out its technology from UC Irvine. The firm said it was advised by Pantek Partners for a portion of the funding. More information »

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