International Battery, an Oakland, N.J.-based maker of large-format, rechargeable lithium-ion cells and batteries, has raised $35 million in Series C funding. The round was led by existing shareholder Digital Power Capital, an affiliate of Wexford Capital.
International Battery (IB), a leading manufacturer of large-format, rechargeable lithium-ion cells, batteries, and systems, announced today 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’s 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’s 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.”
About International Battery
Headquartered in Allentown, Pennsylvania, International Battery is a U.S. manufacturer, designer, and developer of large-format lithium-ion rechargeable cells and batteries for use in a wide range of transportation, industrial, electric utility, smart grid and military applications, employing a uniquely environmentally friendly manufacturing process.
About Digital Power Capital
Digital Power Capital (DPC) is an affiliate of Wexford Capital LP, a Greenwich, CT-based investment advisor that manages a series of affiliated private equity and hedge funds. DPC invests in the new technologies that arise from the convergence of power and the tools, materials and software of the digital age. Digital power technologies permit faster, smaller, and more efficient power generation, conversion, transmission, and storage in every aspect of the economy. DPC focuses on leading-edge energy and power conversion technologies. For more information, please visit DPC’s website at http://www.digitalpower.com/.
In addition to historical information, this release may contain forward-looking statements. International Battery may, from time-to-time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass International Battery’s beliefs, expectations, hopes or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “should,” “likely” and similar expressions identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to International Battery as of such date. International Battery assumes no obligation to update any forward-looking statement. Actual results may vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of reasons.