PowerGenix revealed in media reports that it has doubled its venture capital funding with a $30 million equity round. The company, which makes rechargeable nickel-zinc batteries, states that it will use the monies to enter the electric vehicle market. PowerGenix also expects to increase product development and expand sales and marketing
Bessemer Venture Partners led the round, with participation from existing investors Angeleno Group, Advent International, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners. PowerGenix had received $30.8 million in three previous funding rounds.
PowerGenix said that it has already signed $75 million in multiyear customer agreements in Asia, Europe, and the United States. The company’s NiZn rechargeable battery technology is a suitable replacement in high-power nickel-cadmium (NiCd) and nickel-metal hydride (NiMH) applications, including cordless power tools, military applications and uninterruptible power supplies.
