ReVolt Technology Receives Additional 10 Million Euro B Round Investment
Staefa, Switzerland, January 15, 2009 – ReVolt Technology, Ltd, a technology company, which has developed a rechargeable zinc-air battery, today announced that it has received a 10 Million B round investment from current investors: NorthZone Ventures, SINTEF, SOFINNOVA Partners, TVM Capital, Verdane Capital and Viking Venture and new corporate venture investor RWE Innogy. RWE Innogy holds the renewable assets of RWE, a pan-European leader in power production. The investment combined with a 5.5 million Euro investment in 2007 by current investors brings the total B round commitment to 15.5 Million Euro and total amount invested in ReVolt technology since inception to 24 Million Euro.Dr. Hugues Delmaire of RWE Innogy will join ReVolt Technology’s Board of Directors and provide additional leadership and direction to the ReVolt team. He holds a Ph.D. from the University of Montreal and an MBA from the University of Chicago Graduate School of Business. He has been CEO of a multimedia company in Canada and managed the Energy department of a technology consulting company in Spain. Dr. Delmaire is currently Principal Ventures at RWE Innogy Ventures and represents RWE Innogy on the Board of Quiet Revolution in the UK.
“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.”
ReVolt’s zinc-air, rechargeable battery technology provides a high energy solution for consumer and industrial market applications that is environmentally safe, reusable and recyclable. Revolt’s zinc-air technology offers up to three times the energy density of lithium-ion in an inherently safe and cost-effective package representing a major leap forward and compelling value proposition for energy storage applications.
“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,” stated James P. McDougall, CEO of ReVolt Technology, Ltd. “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.”
About ReVolt Technology (www.revolttechnology.com)
ReVolt Technology Ltd. is a 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 rechargeability.
About RWE Innogy (www.RWE Innogy.com/)
The company for renewable energy
RWE Innogy pools the renewable energy expertise and generating plants of the RWE Group. The company plans, builds and operates renewable power generation facilities, and aims to vigorously grow its renewable energy capacity in the UK and Continental Europe.
The expansion of onshore and offshore wind power capacities will remain the driver for RWE Innogy’s growth in the future, however, biomass and hydroelectric power will also be vigorously expanded. The company will also pursue opportunities in solar and geothermal energy, as well as wave and tidal power. Innovation is another key focus area for RWE Innogy, not only pursuing classical research and development, but also investing in selected emerging technology companies.
About RWE (www.RWE.com/)
RWE is among Europe’s five largest utilities and is active in the generation and transmission as well as the sale and trading of electricity and gas. RWE is also active in the water business in Continental Europe. This integrated business model gives RWE a good position from which to take advantage of the rising demand for energy. RWE’s 63,500 employees supply 20 million customers with electricity and 10 million clients with gas. In fiscal 2007, it recorded € 42.55 billion in revenue.