Somehow, we don't see the Energizer Bunny doing back-flips for PowerGenix. The company has developed rechargeable batteries that it claims are smaller, lighter and more powerful than other rechargeable batteries on the market. And in a sign of the times we live in, the company says its batteries are green and completely safe, containing no toxic materials. But wait, there's more. The batteries also are recyclable and noncombustible. And on weekends they'll clean your house and perform other mundane chores.
The company on Wednesday announced it raised $30 million in Series D financing in a round led by Bessemer Venture Partners. The round also included existing investors Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners. PowerGenix has now raised $60.75 million since it was founded in 2000.
The company is looking for customers to use its technology in everything from AA and AAA batteries for consumers to next-generation hybrid and electric vehicles. Since March, it has signed $75 million in customer supply agreements in multiple markets, including power tool, lawn and garden, consumer, military and light electric vehicles.
What's next for PowerGenix? Possibly an IPO should that market ever get re-energized. - David Shabelman
See Sept. 17 press release from PowerGenix
See Sept. 2 story from cleantech
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