Envia Systems, a Newark, Calif.-based developer of patented cathode technology that enables its batteries to deliver high levels of energy capacity, safety and life, has received $17m in equity financing.
The round was led by General Motors Ventures LLC, which committed $7m, with participation from Asahi Kasei and Asahi Glass as well as existing investors Bay Partners, Redpoint and Panagea Ventures.
Under the terms of the deal, GM’s battery engineering team will access to the company’s advanced lithium-ion cathode technology. In a separate agreement, GM has secured the right to use Envia’s advanced cathode material for its future electrically driven vehicles.
Led by Atul Kapadia, founding investor, chairman and CEO, The company aims to provide its systems to manufacturers developing Electric Vehicles and Plug‐in Hybrid Electric Vehicles.
General Motors Ventures LLC is the venture capital subsidiary of General Motors Company (NYSE: GM, TSX: GMM).