ReVolt Technology closes Series B Funding Round at €10 MillionStaefa, Zurich, Switzerland, June 18, 2007 – ReVolt Technology, developer of new, rechargeable battery technology based on Metal-air, today announced it has successfully completed a €10 million financing round, bringing the company’s total funding to date to €22 million. This latest round of funding was joined by all the current owners i.e. Viking Venture, Northzone Ventures, Sinvent, Sofinnova Partners, TVM Capital and Verdane Capital.
ReVolt will use these funds for its technology development and install pilot lines to produce prototypes batteries to accelerate the product development for the un met market need of high density and safe batteries in consumer electronics markets.
"As our technology development is coming closer to the final stages, we are committed to deliver double the energy density, safety and environmentally friendly product to the market. We’re experiencing tremendous interest from OEM’s across a vast array of mobile devices and laptops." said Ram Malhotra, CEO of ReVolt Technology.
"The market need for improved batteries for consumer electronic devices is imminent. Revolt is in a position to deliver new low cost batteries with both higher energy density and better safety. Through the latest investment of €10 million, Revolt should be well positioned to industrialize its technology" said Tellef Thorleifsson, Chairman of Revolt Technology and general partner of Northzone Ventures.
About ReVolt Technology
ReVolt Technology is an early stage technology company, which has developed a rechargeable Zinc-air battery. Revolt’s batteries may enable more high-power consumer devices and increase the lifetime of existing consumer devices significantly. The technology is a result of six years of intense research and development at SINTEF (the largest independent research institute in Scandinavia). Research on material combinations has solved issues historically related to the Metal-air technology; power, lifetime and recharge ability.
For more information please visit: www.revolttechnology.com
About the Investors
The main investors in ReVolt are Viking Venture (www.vikingventure.com), Northzone Ventures (www.northzone.com), Sinvent (www.sintef.no), Sofinnova Partners (www.sofinnova.fr), TVM Capital (www.tvm-capital.com) and Verdane Capital (www.verdanecapital.com).
ReVolt Technology limited
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