Wisconsin Battery Company Announces $5 Million Investment
08 Mayo 2024 - 6:45PM
Business Wire
Wisconsin Battery Company (WinBat™) has received an investment
of $5 million from Infinite Power Systems (IPS), a private equity
fund. With this investment, 87.5% of WinBat’s seed round has been
funded. The company said it will use the funds for development of
prototypes for its hemp carbon battery, produced in collaboration
with the University of Wisconsin-Milwaukee, and for construction
and buildout of its new manufacturing facility in Portage.
Created to develop and deploy ESG solutions, South-Africa-based
IPS scouts technologies and resources that can advance sustainable
solutions in agriculture, transportation, energy and other critical
sectors.
WinBat will collaborate with IPS to identify business
opportunities in the African market, providing technology and
expertise while IPS leverages its network and financial resources
to bring WinBat’s innovations in energy storage to its ventures in
Africa.
“We see this as a very synergistic relationship,” said WinBat
CEO Jeff Greene. “IPS’s portfolio offers us many opportunities for
partnering with companies that are aligned with our goal of
bringing products to market that are both better performing and
better for the planet.”
“We have many subsidiaries and investments that will benefit
from this synergy,” said IPS spokesperson Michael Iuliucci. “We
will work with WinBat’s batteries, and WinBat has committed to
producing those batteries in Africa, as well as sourcing the raw
materials, including hemp. This kind of partnership advances our
mission of bringing prosperity to communities active throughout the
supply chain.” IPS is also currently investing in projects in Ghana
and Nigeria.
About WinBat
Wisconsin Battery Company, a benefit corporation, is a research,
development and manufacturing company focused on clean, renewable
energy storage alternatives. As a benefit corporation, it includes
positive impact on employees, the community, society at large and
the environment in addition to profit as its legally defined
goals.
About Infinite Power Systems
Infinite Power Systems is a South Africa-based private equity
fund that invests in sustainable technologies and promotes ESG
solutions throughout the African continent.
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