CFX Battery, a portable power company commercialising next-generation battery systems, has raised an additional $14.2m in a series B funding round. This second round of financing includes investors CMEA Capital, Harris & Harris, Schlumberger and US Venture Partners and brings CFX Battery’s total funding to $29.4m.
Joe Fisher, CEO of CFX Battery, said, “Given today’s highly mobile, global society, the demand for ever increasing improvements in portable power solutions continues to grow across a wide range of vertical markets. Receiving series B funding in this extremely tough economic climate validates the strategic advancements we’re making in battery chemistries, nano-materials science and manufacturing processes.”
With this latest round of funding, CFX Battery, which leverages its management’s experience in nano-materials science, is doubling manufacturing capacity at its headquarters in Azusa, California. The company’s expansion plans will also support additional research and development resources to accelerate the commercialisation of a range of battery systems for military, industrial, medical, automotive and consumer applications.
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