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TIAA’s investment management giant Nuveen backs battery developer Advanced Battery Concepts

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Nuveen, the $1tn global investment manager of insurance giant TIAA, has led a Series B growth equity round in Advanced Battery Concepts.

ABC develops and licenses technology related to bipolar lead-acid battery architecture.

The investment was the first from the Nuveen Global Impact strategy, which will make direct investments globally in high growth companies that seek to address climate change and contribute to inclusive growth. 

AltAssets reported in July that Nuveen had picked up $150m in commitments for its Global Impact Fund, which it hopes will reach $400m by the final close.

The firm said the fund would aim to drive positive change in two critical sustainable development challenges – inclusive growth and resource efficiency, targeting a 40% to 60% allocation to each theme.

The strategy represents the most recent extension of Nuveen’s historical private impact investing efforts, through which more than $1bn has been deployed over the past decade.

Nuveen private impact investing co-head David Haddad said, “If we are to tackle global sustainability challenges like climate change, we need to learn to live within our means. 

“ABC’s technology improves the performance, cost, and resource intensity of lead-acid batteries while preserving full recyclability.

“We believe high-performing lead-acid batteries will continue to play an important role as electrification continues globally.”

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