Batteries charge up with VC cash

October 25, 2007 - Exclusive
By David Ehrlich, Cleantech Group

A123Systems, a Hopkinton, Mass.-based developer and producer of lithium ion batteries, completed its fourth round of funding with $30 million.

The new cash is expected to boost production capacity at the company, which makes batteries for hybrid electric, plug-in hybrid and extended range electric vehicles.

HelioVolt also took in some fresh financing, increasing its Series B round to $101 million with some extra cash from new investors.

The thin film startup plans to build its first plant and begin volume production in 2009.

Battelle Ventures filled out the week's dealmaking, putting a total of $8 million into three startups.

Deals we saw this week:

  • Energy Investors Funds and Enpower agreed to acquire Wixom, Mich.-based Landfill Energy Systems, owner and operator of 14 landfill gas to energy projects located in seven states. Financial terms were not disclosed. Landfill Energy owns a total capacity of 65.8 megawatts, and has 6.4 MW under construction and more than 19 MW in late-stage development.
  • Hopkinton, Mass.'s A123Systems, a developer and producer of lithium ion batteries, received $30 million in Series D funding. The company plans to use the cash toincrease production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle designs. Investors include General Electric, Procter & Gamble, CMEA Ventures, and others.
  • Austin, Texas-based HelioVolt, one of a number of startups racing to get CIGS thin film solar to market, raised its Series B funding to $101 million, up from an initial close of $77 million in August. The extra cash is from Sequel Venture Partners, Noventi Ventures, and Passport Capital. The funding will go toward building the company's first plant and rolling out its solar products (see Cleantech.com's HelioVolt boosts Series B to $101M).
  • Hollister, Calif.-based BioFuelBox raised $9.46 million in funding. Backers of the Series A round include Draper Fisher Jurvetson and DFJ Element. The company is developing a modular, containerized, cost effective system to produce biofuel.
  • Aldis, based in Knoxville, Tenn., received $1.9 million in Series A financing, with another $1.9 million committed based on milestones to be achieved. Battelle Ventures led the funding, with Meritus Ventures also participating. Aldis, a traffic management technology company focused on energy efficiency, has a joint development agreement with Oak Ridge National Laboratory.
  • Knoxville, Tenn.'s Ampulse received more than $1 million in pre-seed funding from Battelle Ventures. Ampulse was spun out of the Oak Ridge National Laboratory to commercialize the lab's flexible thin film photovoltaic technologies.
  • Orlando, Fla.-based power storage startup Planar Energy Devices secured $4 million in Series A financing from Battelle Ventures. The company, which is developing thin film batteries, is a spinout of the U.S. Department of Energy's National Renewable Energy Laboratory. Planar received $1.3 million, with another $2.7 million committed in milestone payments.
  • Boston's SatCon Technology announced $10 million in short term debt financing and $25 million in equity from RockPort Capital Partners and NGP Energy Technology Partners. SatCon, a developer and supplier of power management and system architecture solutions for the alternative energy markets, said the debt would be used to retire existing convertible notes. The company said $10 million of the equity would go toward the new short term debt.

Browse previous deals here.

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More:

A123 Lithium plugin hybrid option in 2008

A123 has stated it will mass produce a plugin hybrid option for the 2004 and newer Prius in early 2008. I can hardly wait and expect details any day now.

Also keep an eye on Altair nano lithium batteries. They have a great product that was tested by AeroVironment ,stock ALTI

http://www.evworld.com/article.cfm?storyid=1258

Then we also have valance battery in Austin Texas with theri safe batteries.
http://ir.valence.com/releases.cfm

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