ReVolt Technology AS (Trondheim, Norway), a startup that has developed a rechargeable zinc-air battery, announced that it has received €7 million (about $8.5 million) in a first round of financing by Northzone Ventures, Sofinnova Partners, Techno Venture Management and Viking Ventures. ReVolt was formed as a spin-off from contract research institute Sintef in 2004, and is led by Chief Executive Officer Nils Kristian Nakstad.
Company founder Trygve Burchardt developed the battery technology, which could replace lithium-ion batteries currently used in mobile applications. Zinc-air batteries, with a substantially higher energy density than regular batteries, have existed for about 20 years, but have so far only been used as primary batteries. ReVolt claims its batteries are considerably less costly to manufacture than lithium-ion batteries and there are no toxic materials applied. If the technology could be scaled up for commercial manufacture it could potentially extend of the battery life of mobile electronic equipment, such as mobile telephones, digital cameras and PCs. ReVolt plans to focus initially on the market for consumer electronics and mobile phones.
"Many companies have tried and failed to come up with a technology to replace lithium-ion," said Sofinnova Partners partner Alain Rodermann. "By succeeding in making zinc-air batteries rechargeable, the founders are positioning ReVolt to become a major player in the worldwide market for rechargeable batteries for use in mobile consumer electronics. We believe ReVolt's breakthrough technology will be particularly useful in mobile telephones, which have become more and more energy consumptive."
"The energy densities of zinc-air batteries have been established; however, ReVolt, by offering rechargeability at low manufacturing costs, will be able to target a large and growing market in portable consumer electronics. ReVolt fulfils all the criteria for a successful investment," said TVM general partner Hans Schreck.
"We have been impressed by Burchard's inventiveness and by the way he has been able to combine the advantages of fuel cells developments with conventional battery technology. With its strong VC-backing, ReVolt should be well-positioned to industrialize its technology and to capture future market shares," said Northzone Ventures partner Tellef Thorleifsson.
