LiNova Energy, a developer of polymer cathode-based batteries, raised $15.8 million in a Series A funding round led by Catalus Capital. Saft, a subsidiary of Total Energies, Chevron Technology Ventures, and a syndicate of investors, also participated in the round.
This funding will help accelerate the company in research, development, and expansion of its high-energy polymer cathode battery technology.
“We are grateful for the support and confidence of our investors; This funding is a testament to the potential of our technology and the impact it will have on delivering a more sustainable battery for the world’s energy storage needs. With this investment, we are well-positioned to advance our mission and bring our innovative polymer cathode batteries to market,” said Michael Nagus, CEO of LiNova Energy.
The company stated that it has developed a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode containing cobalt, nickel, and other critical materials.
LiNova also announced that it has entered into a joint development agreement with Saft, pursuant to which LiNova and Saft will work together to develop the battery technology for commercialization in Saft’s key markets.
“This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome LiNova Energy to the portfolio,” said Jim Gable, Vice President of Innovation and President of Technology Ventures at Chevron.
According to Mercom’s recently released Q1 2024 Funding and M&A Report for Storage & Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.
Anthro Energy, a provider of lithium-based battery solutions, recently announced the closing of an over-subscribed $20 million Series A funding round. Collaborative Fund led the financing, with significant participation from existing investors. The funds gathered will be used to establish a Bay Area-based pilot production facility to commercialize and scale their battery technologies.
