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BrightVolt Raises $16 Million in Series B Funding

Funding will be used for development of larger form factor products targeting industrial electrification and e-mobility markets.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

BrightVolt, Inc., a leader in the design, development, and manufacturing of safe, high energy and low cost solid-state Lithium-Ion batteries, has successfully closed the first tranche of a $16M Series B financing round with significant investments by New Science Ventures (NSV) and Caterpillar Venture Capital Inc.

Fresh funds will be utilized for development of larger form factor products targeting industrial electrification and e-mobility markets.

Caterpillar is supporting customers during the energy transition to a reduced-carbon future through investments in new products, technologies and services. The company currently offers battery-powered equipment for the mining, construction, energy and transportation industries and recently announced seven sustainability goals to achieve by 2030, including that 100% of Caterpillar’s new products through 2030 will be more sustainable than the previous generation.

“BrightVolt’s core polymer matrix electrolyte technology (PME) has demonstrated a lot of promise in terms of its performance, and we’re excited to participate in this investment round,” said Jihad Salahuddin, Caterpillar senior investment manager. “BrightVolt’s innovative approach to manufacture solid-state Lithium-Ion batteries, utilizing their PME technology, is compatible with existing roll-to-roll Lithium-Ion manufacturing lines requiring very minor capital refinements, while achieving a considerable improvement in several performance metrics.”

Having already sold more than 15 million primary solid-state batteries globally, BrightVolt is now bringing advances to the rechargeable battery markets, making safe, high energy and low-cost solid-state batteries a reality.

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