European Batteries Ltd, a Finland-based company that develops and manufactures large, rechargeable lithium-ion based prismatic cells and battery systems, has raised €13,7m in connection with a directed share issue.
Subscribers for the shares include Finnish Industry Investment, Fennia Group, EM Group and private investors.
European Batteries intends to use the proceeds from the financing to move from early-stage production to industrial production, expand internationally and extend its partnership network.
Led by CEO Jukka Koskinen, the company develops and manufactures batteries that are used as an energy source in large electric and hybrid vehicles, such as buses and delivery vans, and heavy industrial machines and ships. Large lithium-ion battery systems provide an efficient solution for reserve power systems and large scale energy storage systems.
European Batteries, which currently employs some 70 people in Espoo, Tuusula and Varkaus, started the production of prismatic cells and battery systems in its Varkaus manufacturing unit in the autumn 2010.