Chakratec, a Lod, Israel-based developer of an energy storage system based on kinetic batteries, raised $2m in Series B funding round.
China based ZZRunner invested in the round.
The company intends to use the funds to complete its beta testing with actual potential customers in Israel, Europe and China, and accelerate its development and sales activities. It is looking for partners and pilot projects in Europe.
Established in 2013 by Ilan Ben-David, co-founder and CEO, Chakratec brings a patented kinetic battery energy storage solution based on an innovative flywheel concept. Its kinetic battery provides virtually limitless number of deep charge and discharge cycles over the full life time of 20 years. These attributes makes it the optimal solution for solar fields, wind farms and other application which require energy storage.