© melpomenem dreamstime.com Electronics Production | October 23, 2018
Battery company secures funding from LG Chem
Enevate Corporation, a lithium-ion battery technology company, says that LG Chem has participated in its recent funding round. This investment is a nod to the viability of Enevate’s technology which could enable Electric Vehicles (EVs) to charge in the same time as gas cars without compromise.
Enevate’s HD-Energy Technology for EVs allows Li-ion batteries to be charged to 75% capacity in five minutes, the company says. “The strategic investment from LG Chem indicates the significance of our technology because it could directly address consumer concerns with EVs, such as charge time and range anxiety, cost, and safety,” says Robert A. Rango, Enevate’s President and CEO. “We look forward to our strategic partnerships with companies such as LG Chem to commercialize advanced batteries that will accelerate the adoption of EVs worldwide.” The California based company develops and licenses advanced silicon-dominant Li-ion battery technology aimed at breaking down barriers to EV adoption.