Enevate Corporation, an Irvine, Calif.-based advanced lithium-ion (Li-ion) battery technology company, received an investment from LG Chem, a high volume battery manufacturer in South Korea.
The amount of the deal was not disclosed.
The company intends to use the funds to accelerate its development efforts for its fast charge Li-Ion battery technology development for Electric Vehicles.
Led by Robert A. Rango, President and CEO, Enevate develops and licenses advanced silicon-dominant Li-ion battery technology for the electric vehicle (EV) market. The company offers an HD-Energy Technology and licensing package to enable global EV automotive and EV battery manufacturers to achieve production volume and drive adoption of next-generation features that take EVs to the next level.
Investors in the company include Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a Sumitomo Corporation company, CEC Capital, Samsung, Lenovo, and now LG Chem.