ActaCell, Inc., an Austin-based developer of lithium ion batteries which provide longer cycle life at a low cost, was selected by the Texas Emerging Technology Fund (ETF) to be awarded a $250,000 pre-seed award of a reserved amount up to $1m.
This investment, awarded through the Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC), is combined with Series A funding of $5.8m received a year ago from Google.org and DJF Mercury.
All these funds will enable the company to continue the commercialization of its Li-Ion technology.
Commenting on the award, Bill Ott, President & CEO of ActaCell, said: “Funding from the ETF, along with the final tranche milestone from our Series A financing, will allow us to continue to execute our business plan of expanding the technical and management ranks of the company, as well as completing a world class Li-Ion R&D facility”.
FinSMEs
10/11/2009