International Battery (IB), a manufacturer of large format, rechargeable lithium ion cells, batteries, and systems, announced the first closing of its $35 million Series C financing round, led by Digital Power Capital, an affiliate of Wexford Capital LP. The new investment will allow the company to continue to scale up its existing manufacturing plant in Allentown, Pennsylvania, and will support expanded efforts and staffing in sales and engineering, as well as new product development.
International Battery states that its proprietary large-format, prismatic lithium ion technology allows it to offer customers innovative battery system solutions. The company’s products are used in a variety of stationary (including electric utility/smart grid), transportation and military applications. In addition, the company claims that its low-cost, water-based manufacturing process avoids the use of toxic solvents, which are standard in lithium battery manufacturing today.
"This infusion of capital will allow International Battery to pursue its focused expansion goals, while continuing to provide its customers with the leading large-format lithium ion technology available in the market today," said International Battery President and CEO Dr. Ake Almgren.
"International Battery’s investors and board are very pleased with its progress," said Mark Mills, International Battery Chairman and co-founding partner of Digital Power Capital. "We continue to be impressed with the exceptional team led by Dr. Ake Almgren. And, we are confident that the market is now poised for enormous growth in high-value big energy storage systems where there are compelling benefits from the company’s unique, exceptionally large cell technology."
