Enevate Corporation, an Irvine, California-based developer of advanced rechargeable lithium-ion (Li-ion) batteries, has completed a $24m Series B financing.
Backers include new investors CEC Capital, Tsing Capital, Presidio Ventures – a Sumitomo Corporation company, other strategic investors, and existing investors Mission Ventures and Draper Fisher Jurvetson.
The company intends to use the funding to bring its first products to market.
Led by Brian Wong, CEO, Enevate focuses on developing next generation Li-ion batteries for smartphones, tablets, and ultra-thin notebook PCs. Its novel HD-Energy Technology utilizes silicon composite anodes for rechargeable Li-ion polymer batteries which increase energy density over conventional graphite anode cells.