The funding round brings the total private equity investment to date to €26 million. This combined with the recent €21 million in grants, loans, tax credits, subsidized loans and other financing incentives positions the company well for the next stage of development.
“This funding provides the resources necessary for the cost share requirements of our ZFAB development programs aimed at various electric vehicles aplications,” said James P. McDougall, CEO of the ReVolt Technology Group. “We are grateful to our investor syndicate and public partnerships in the US and Germany for their financial support to advance this important energy storage technology development.”
ReVolt Technology AS is developing a Zn-Air battery technology that will transform the global market for stored energy solutions. ReVolt’s technology performance attributes provide the highest-energy density (up to 3 times that of Li-ion), low-cost, safe and green. These attributes pose both a disruptive influence on the competitive landscape and significant step-change in performance for some consumer electronics, electric vehicles and grid-based alternative energy storage solutions.