Octet Scientific, a Cleveland, OH-based maker of specialty chemicals for safe, sustainable batteries, raised $1M in funding.
The round was led by Advanced Manufacturing Fund (AMF).
The company intends to use the funds to support its non-grant activities through 2024 as it executes scale-up of its first large product line.
Led by founder and CEO Onas Bolton, Octet is a developer of specialty chemicals for zinc-based batteries, an inexpensive, nontoxic, and sustainable alternative to lithium-ion and lead-acid. Zinc batteries are emerging in a variety of applications including backup power for data centers and grid storage to support renewable energy, and Octet’s proprietary chemicals will play a critical role in the continuing improvement of these promising technologies.
Currently, Octet’s proprietary chemical products are being sold and tested at small volumes to battery manufacturers in the US, Canada, Japan, Europe and Australia.
FinSMEs
25/04/2023