Texas-based Zeta Energy, a company focused on developing sustainable batteries for the electric vehicle and energy storage markets, raised $23 million in a Series A funding round led by Moore Strategic Ventures.
The company plans to use the fresh funds to expand its laboratory facility in Houston and further commercialization activities for its battery technology.
Zeta Energy is focused on developing and commercializing high-performance, safe, rechargeable batteries that are lower cost and sustainably manufactured. The company develops a lithium-sulfur battery system with both a proprietary cathode and a proprietary anode. According to the company, its proprietary sulfurized carbon material prevents the polysulfide shuttle effect that has long held back advances in lithium-sulfur batteries.
Zeta Energy has filed more than 30 patents on its proprietary carbon nanotube anode and sulfur cathode technology.
“We are delighted to have Moore Strategic Ventures join Zeta Energy. Moore’s focus on transportation, advanced materials, energy, and cleantech aligns perfectly with Zeta’s strategic objectives,” said Charles Maslin, founder and CEO of Zeta Energy.
“We are so excited to work together to help the world transition to clean energy and build a more sustainable future,” he added.
According to Mercom’s recently published Q4 2021 and Annual funding and M&A report for storage, grid, and efficiency, VC funding for battery storage companies totaled $8.8 billion, compared to $1.6 billion in 2020, a 470% increase year over year.
Earlier this week, Skeleton Technologies, an Estonia-based manufacturer of ultracapacitor-based energy storage, raised $42.6 million in a Series D funding round from a group of investors. Including the latest round, the company has raised $223 million to date.