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Electronics Production | June 20, 2007

Battery startup ReVolt to raise 10 MEUR

Norwegian ReVolt Technology, developer of new, rechargeable battery technology based on Metal-air, today announced it has successfully completed a €10 million financing round.

This round brings the company's total funding to date to €22 million. This latest round of funding was joined by all the current owners i.e. Northzone Ventures, Sinvent, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Ventures. ReVolt will use these funds for its technology development and install pilot lines to produce prototypes batteries to accelerate the product development for the un met market need of high density and safe batteries in consumer electronics markets. “As our technology development is coming closer to the final stages, we are committed to deliver double the energy density, safety and environmentally friendly product to the market. We're experiencing tremendous interest from OEM's across a vast array of mobile devices and laptops." said Ram Malhotra, CEO of ReVolt Technology. “The market need for improved batteries for consumer electronic devices is imminent. Revolt is in a position to deliver new low cost batteries with both higher energy density and better safety. Through the latest investment of €10 million, Revolt should be well positioned to industrialize its technology" said Tellef Thorleifsson, Chairman of Revolt Technology and general partner of Northzone Ventures.
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August 21 2019 3:49 pm V14.1.4-2