Iontra, a Colorado-based battery charging solutions provider for electric vehicles (EV) and residential energy storage systems, raised $45 million in a Series C funding round. The company has raised $120.3 million through funding so far.
Energy sector investor Volta Energy Technologies led the funding round with additional support from other unnamed investors.
The company has been developing its battery charger microcontrollers (MCU), which it claims can increase consumer and industrial products’ battery performance and efficiency. This funding will help increase its production and make it available for customers in 2025.
Iontra says its semiconductor and software solutions improve the charge speed, cycle life, capacity utilization, and safety of lithium batteries.
“While significant advancements have been made in battery technology, the charging process itself has often been neglected, especially for current battery products. Iontra’s innovative approach offers a groundbreaking solution that policymakers and manufacturers should consider to further optimize their existing battery performance. We are excited to continue supporting their mission to dramatically improve battery performance and sustainability for a wide range of markets. ,” said David Schroeder, CTO at Volta Energy Technologies.
In November, Iontra was awarded a $2.15 million grant as part of the U.S. Advanced Research Projects Agency-Energy (ARPA-E) CIRCULAR program, which aims to develop technologies to support a circular domestic supply chain for EV batteries.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
In October, AmpUp, an electric vehicle charging platform company, secured $15 million in Series A funding. Touchdown Ventures led the funding round.
