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CFX Battery Inc., a Pasadena, Calif.-based developer of primary and rechargeable batteries enabled by nanotechnology, has raised $14.2 million in Series B funding. A regulatory filing from last year suggested that CFX was seeking upwards of $27 million for the round. Return backers include CMEA Capital, Harris & Harris, Schlumberger and US Venture Partners. The company has now raised $29.4 million in total VC funding.
CFX Battery, an innovative portable power company commercializing next-generation battery systems, today announced it has raised an additional $14.2 million in a Series B funding round. This second round of financing includes investors CMEA Capital, Harris & Harris, Schlumberger and US Venture Partners bringing CFX Battery's total funding to $29.4 million.
With this latest round of funding, CFX Battery is doubling manufacturing capacity at its headquarters in Azusa, Calif. The company's expansion plans will also support additional research and development resources to accelerate the commercialization of a wide range of battery system form factors for military, industrial, medical, automotive and consumer applications.
"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," said Joe Fisher, CEO of CFX Battery. "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. We are fortunate to have the collective brain trust of this distinguished group of investors that recognize the breakthroughs of our portfolio of primary and secondary battery technologies."
CFX Battery Highlights
Co-founded by Dr. Robert Grubbs, 2005 Nobel Laureate, Professor of Chemistry at CalTech
Over 60 patents and patents pending covering primary/rechargeable batteries, materials and related processes
Series A funding for $15.2 million, June 2007
Named Emerging Battery Company of the Year 2008 by Frost & Sullivan
Named "Hottest New Company" by Los Angeles Venture Association in January 2009
Established world class laboratories and prototype manufacturing facility in Azusa, CA, December, 2008
Nominated for "Best Clean Tech Fund Raising" award by Los Angeles Venture Association, January 2010
About CFX Battery
CFX Battery (www.cfxbattery.com) is an innovative portable power company commercializing customizable battery technologies for a wide range of cross-industry applications. CFXs next-generation battery systems are designed to deliver unprecedented improvements in energy and power density, and are capable of performing in extreme operating conditions at significantly improved costs. Founded through the collaboration of CalTech and CNRS, the French National Center of Scientific Research, the company combines expertise in nano-materials science, patented Fluorine-based battery chemistries and manufacturing processes to significantly advance the state of portable power. Headquartered in Azusa, California, CFX Battery is managed by a world-class team of battery industry leaders from CalTech, Energizer, Duracell, ConocoPhillips, Hewlett-Packard and Ultralife. The company is privately held with funding from CMEA Capital, Harris and Harris, Schlumberger and US Venture Partners.
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