CFX Battery Secures Additional $14.2 Million Series B Funding
CFX Battery, a portable power company commercializing next-generation battery systems, announced it has raised an additional $14.2 million in a Series B funding round. This second round of financing includes investors CMEA Capital, Harris & Harris, Schlumberger and US Venture Partners bringing CFX Battery’s total funding to $29.4 million.
With this latest round of funding, CFX Battery is doubling manufacturing capacity at its headquarters in Azusa, California. The company’s expansion plans will also support additional research and development resources to accelerate the commercialization of a wide range of battery system form factors for government and defense, industrial, medical, automotive and consumer applications.
"Given today’s highly mobile, global society, the demand for ever-increasing improvements in portable power solutions continues to grow across a wide range of vertical markets," said Joe Fisher, CEO of CFX Battery. "Receiving Series B funding in this extremely tough economic climate validates the strategic advancements we’re making in battery chemistries, nano-materials science and manufacturing processes. We are fortunate to have the collective brain trust of this distinguished group of investors that recognize the breakthroughs of our portfolio of primary and rechargeable battery technologies."