LONDON — ReVolt Technology AS (Trondheim, Norway), a battery technology startup company, has completed 10 million euro (about $13.4 million) financing round, bringing the company's total funding to date to 22 million euro (about $29.5 million).
Founded by Trygve Burchardt as a spinoff from contract research institute Sintef in 2004, ReVolt has claimed its rechargeable metal-air battery represents a breakthrough in battery performance with a substantially higher energy density at a competitive price compared to other rechargeable batteries.
This latest round of funding was joined by the current owners; Northzone Ventures, Sinvent, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Ventures.
The money is earmarked to pay for technology development and the installation of pilot lines to produce prototypes batteries.
Revolt has signed a collaboration agreement with Phonak AG (Staefa, Switzerland) to develop rechargeable Zinc-air batteries for hearing aids. The scope of the agreement will include development and supply of prototype batteries. Initially ReVolt will develop one type of battery at its R&D center in Staefa near Zurich, Switzerland.
"We're experiencing tremendous interest from OEM's across a vast array of mobile devices and laptops," said Ram Malhotra, CEO of
ReVolt, in a statement.
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