MONROVIA, Calif., April 30,
2024 /CNW/ - LiNova Energy Inc. (Linova) has
raised $15.8 million in a Series A
financing round that was led by Catalus Capital, who were joined by
Saft, a subsidiary of TotalEnergies, Chevron Technology
Ventures and a syndicate of investors. LiNova will use the funds to
accelerate its mission to revolutionize the energy storage
landscape with its polymer cathode battery.
This significant financial milestone will enable LiNova Energy
to expand its research and development efforts, scale up
operations, and accelerate the commercialization of its
cutting-edge batteries. LiNova has developed a high-energy polymer
battery technology that is designed to allow material replacement
of the traditional cathode containing cobalt, nickel, and other
critical materials.
LiNova also announced that it has entered into a joint
development agreement with Saft, pursuant to which LiNova and Saft
will work together to develop the battery technology for
commercialization in Saft's key markets. "We are proud to
collaborate with LiNova in scaling up its technology, leveraging
the extensive experience of Saft's research teams, our newest
prototype lines, and our industrial expertise in battery cell
production." said Cedric
Duclos, CEO of Saft.
"The technology developed by LiNova is designed to have
higher energy density while providing a safer, lighter and
lower-cost solution to the battery market," said Jim Gable, Vice President, Innovation and
President of Technology Ventures at Chevron. "This is the
latest investment from our $300
million Future Energy Fund II, which focuses on industrial
decarbonization, emerging mobility, energy decentralization, and
the growing circular economy. We welcome LiNova Energy to the
portfolio."
"We are excited to lead LiNova's Series A round and support
their path to commercial success," said Saif Qazi, Vice President at Catalus Capital.
"LiNova's innovative polymer cathode technology is a strong
addition to our energy storage portfolio. Catalus' investments in
the space are focused on companies that combine a sound technical
foundation with a capable management team and a robust commercial
plan. LiNova is emblematic of this approach. We look forward to a
successful partnership."
"We are grateful for the support and confidence of our
investors," said Michael Nagus,
CEO of LiNova Energy. "This funding is a testament to the
potential of our technology and the impact it will have on
delivering a more sustainable battery for the world's energy
storage needs. With this investment, we are well-positioned to
advance our mission and bring our innovative polymer cathode
batteries to market."
Catalus Capital, Chevron Technology Ventures, and Saft bring a
wealth of experience and strategic resources to the table, which
will be instrumental in guiding LiNova Energy's growth
trajectory.
As LiNova Energy moves forward, the company is committed to
leveraging this investment to make significant strides in the
battery technology sector, driving innovation, and delivering value
to its customers and stakeholders.
For more information about LiNova Energy and its mission to
transform the energy landscape, please visit
https://www.linovaenergy.com/
About LiNova Energy, Inc.
LiNova Energy is developing ultra-high-energy batteries
utilizing a Polymer Cathode for the EV, Aerospace, and Energy
Storage industries. LiNova Energy's cathodes require no Nickel,
Cobalt or any metal oxides, ensuring a sustainable and
cost-effective battery solution. The company is dedicated to
revolutionizing the way the world stores energy.
This press release is for informational purposes only
and does not constitute an offer to sell, a solicitation of an
offer to buy, or a recommendation for any
securities.
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SOURCE LiNova Energy Inc.