MONROVIA, Calif., April 30, 2024 /CNW/ - LiNova Energy Inc. (Linova) has raised $15.8 million in a Series A financing round that was led by Catalus Capital, who were joined by Saft, a subsidiary of TotalEnergies, Chevron Technology Ventures and a syndicate of investors. LiNova will use the funds to accelerate its mission to revolutionize the energy storage landscape with its polymer cathode battery.
This significant financial milestone will enable LiNova Energy to expand its research and development efforts, scale up operations, and accelerate the commercialization of its cutting-edge batteries. LiNova has developed a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode containing cobalt, nickel, and other critical materials.
LiNova also announced that it has entered into a joint development agreement with Saft, pursuant to which LiNova and Saft will work together to develop the battery technology for commercialization in Saft's key markets. "We are proud to collaborate with LiNova in scaling up its technology, leveraging the extensive experience of Saft's research teams, our newest prototype lines, and our industrial expertise in battery cell production." said Cedric Duclos, CEO of Saft.
"The technology developed by LiNova is designed to have higher energy density while providing a safer, lighter and lower-cost solution to the battery market," said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. "This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome LiNova Energy to the portfolio."
"We are excited to lead LiNova's Series A round and support their path to commercial success," said Saif Qazi, Vice President at Catalus Capital. "LiNova's innovative polymer cathode technology is a strong addition to our energy storage portfolio. Catalus' investments in the space are focused on companies that combine a sound technical foundation with a capable management team and a robust commercial plan. LiNova is emblematic of this approach. We look forward to a successful partnership."
"We are grateful for the support and confidence of our investors," said Michael Nagus, CEO of LiNova Energy. "This funding is a testament to the potential of our technology and the impact it will have on delivering a more sustainable battery for the world's energy storage needs. With this investment, we are well-positioned to advance our mission and bring our innovative polymer cathode batteries to market."
Catalus Capital, Chevron Technology Ventures, and Saft bring a wealth of experience and strategic resources to the table, which will be instrumental in guiding LiNova Energy's growth trajectory.
As LiNova Energy moves forward, the company is committed to leveraging this investment to make significant strides in the battery technology sector, driving innovation, and delivering value to its customers and stakeholders.
For more information about LiNova Energy and its mission to transform the energy landscape, please visit https://www.linovaenergy.com/
About LiNova Energy, Inc.
LiNova Energy is developing ultra-high-energy batteries utilizing a Polymer Cathode for the EV, Aerospace, and Energy Storage industries. LiNova Energy's cathodes require no Nickel, Cobalt or any metal oxides, ensuring a sustainable and cost-effective battery solution. The company is dedicated to revolutionizing the way the world stores energy.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any securities.
SOURCE LiNova Energy Inc.
Michael Nagus, CEO, LiNova Energy, [email protected]
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