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ReVolt Technology raises €10m in Series B financing

15 Jan 2009

ReVolt Technology has received €10m in Series B round of financing which will go towards developing a rechargeable zinc-air battery. The round included current investors NorthZone Ventures, SINTEF, SOFINNOVA Partners, TVM Capital, Verdane Capital and Viking Venture, plus new venture investor RWE Innogy.

The investment, coupled with a €5.5m investment in 2007 brings the company’s total amount to €15.5m.

In addition, DR Hugues Delmaire of RWE Innogy will join ReVolt Technology’s board of directors.

‘We are very excited to support and join the Revolt Technology effort to transform the landscape for renewable energy storage,’ stated Crispin Leick, responsible for the venture capital activities at RWE Innogy. ‘ReVolt’s technology is very compelling for applications small and large, and it has the promise to provide game-changing solutions for energy storage. We look forward to contributing to the development of a great technology and company.’

James McDougall, CEO of ReVolt Technology, added, ‘The ReVolt Technology team is delighted to add RWE Innogy as an investor and strategic partner in its efforts to transform renewable energy storage for consumer and industrial applications. RWE Innogy’s focus on renewable energy combined with RWE’s strong industry leadership position in power generation provides real opportunities to develop and deploy our technology solutions in this very important growth sector.’

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