Enevate Corporation Raises $24M in Series B Funding

IRVINE, Calif., Dec. 12, 2012 /PRNewswire/ -- Enevate Corporation, a leading developer of advanced rechargeable lithium-ion (Li-ion) batteries, has completed Series B financing of $24M.  The round includes new investors CEC Capital, Tsing Capital, Presidio Ventures – a Sumitomo Corporation company, other strategic investors, and existing investors Mission Ventures and Draper Fisher Jurvetson.

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Based in Irvine, California, Enevate is focused on developing next generation Li-ion batteries for smartphones, tablets, and ultra-thin notebook PCs, delivering significantly higher energy density in thinner form factors to enable longer runtimes in less space.  Its novel HD-Energy Technology utilizes silicon composite anodes for rechargeable Li-ion polymer batteries which dramatically increase energy density over conventional graphite anode cells.

"Enevate is a clear leader in silicon technology for Li-ion batteries," said Jin Guo, CEC Capital's vice president and lead investor.  "We believe there is an excellent fit for its targeted consumer electronics devices."

Brian Wong, CEO of Enevate, added, "We are pleased to bring on board a strong set of new financial and strategic investors that were chosen due their focus on our ecosystem and their synergies with our focus on bringing first products to market.   As a uniquely fabless Li-ion battery company, we are teaming with an Asia-centric manufacturing ecosystem.  The funds enable Enevate to accelerate commercialization of its demonstrated HD-Energy Technology and move into production for our customers' next generation platforms."

"We believe Enevate has developed breakthroughs for silicon based Li-ion batteries that can be easily used in existing Li-ion battery applications," said Ian Zhu, Partner at Tsing Capital.  "Enevate's disruptive Li-ion battery technology is clearly differentiated from other approaches and is manufacturable."

Enevate was advised by Pantek Partners, LLC for a portion of this financing.

About Enevate (www.enevate.com)

Enevate Corporation is an advanced rechargeable energy storage company based in Irvine, CA.  Enevate's breakthrough HD-Energy™ Technology delivers the promise of tomorrow's battery capacity in today's standard Li-ion ecosystem focused on next generation smartphones, tablets, and ultra-thin notebook PCs.  Enevate's batteries are based on innovative materials and battery architectures that deliver higher energy capacity in smaller and thinner sizes, while maintaining compatibility with existing Li-ion battery applications.  Investors include Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Presidio Ventures, and CEC Capital.  Enevate, the Enevate logo, and HD-Energy are trademarks of the Enevate Corporation. 

Contact:
Jarvis Tou
[email protected]

SOURCE Enevate Corporation