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PowerGenix Charges Up With $30M in Funding

PowerGenix, which makes nickel-zinc rechargeable batteries designed for everything from scooters and power tools to military and light electric vehicles, has closed on a $30 million round of venture capital, the company said Sept. 17.

The fourth funding round for the 8-year-old company was led by Bessemer Venture Partners of Silicon Valley and included existing investors Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.

Since 2003, PowerGenix has raised $61 million in venture capital. And it has signed $75 million in customer orders since beginning high-volume manufacturing in March.

“PowerGenix continues to expand long-term customer supply agreements with (original equipment manufacturers) that recognize nickel-zinc’s superior performance and safety,” Dan Squiller, chief executive officer of PowerGenix, said in the Sept. 17 release. “With high volume production in place and a capital efficient manufacturing model, this financing validates PowerGenix’s potential to build nickel-zinc into the next mainstream battery technology, and demonstrates our ability to quickly address demand across diverse market segments.”

PowerGenix says its batteries, which are nontoxic and recyclable, pack one-third more power than existing rechargeable alkaline cells which are a $4 billion market.

The company’s cells received compliance under third-party testing with the European Union’s Reduction of Hazardous Materials and Battery Directive requirements, a world standard for banning toxic material in new electronic devices. In the United States, the Rechargeable Battery Recycling Corp., which represents 90 percent of the global battery industry, recently expanded its recycling program for the first time in seven years to include PowerGenix’s nickel-zinc batteries.

“PowerGenix’s advanced nickel-zinc batteries provide more performance at a lower cost than any other energy storage option, allowing products used by millions of people every day to weigh less and have longer run-time,” Justin Label, partner at Bessemer Venture Partners, said in a release.

, Ned Randolph

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