“There is enormous upside market potential for BrightVolt battery technology in the expanding IoT space, including sensors, labels, medical devices and wearables,” said Todd Peters, BrightVolt CEO. “As the numerous uses for our revolutionary and patented battery chemistry continues to multiply, with this investment so will our ability to meet global market demand. Our partnership with New Science Ventures accelerates our ability to lead new battery development and meet the world’s need for safer, smaller and more powerful batteries.”
The Series B round of investment includes backing from New Science Ventures to build on its patented, core battery technology, Polymer Matrix Electrolyte (PME) and to scale its manufacturing.
“As power requirements for semiconductors keep coming down and IoT applications experience rapid growth, many players are looking for flexible form factors to power these distributed devices,” said Vivek Mohindra, New Science Ventures partner and board member. “BrightVolt’s proprietary technology changes the way batteries are developed, and speed innovations in areas where new types of flexible and safe batteries are needed. Our continued commitment to BrightVolt reflects our strong belief in their industry-leading technology and the current direction of the company.”
Unlike liquid lithium-ion batteries which can be flammable and toxic when exposed to the environment, BrightVolt thin film solid state batteries can be laminated onto smart security and payment cards, for example. BrightVolt’s proprietary technology also provides for more rapid development and a more cost effective approach to printed manufacturing at scale. The technology has already been used to manufacture more than 10 million batteries, and the company is evaluating additional funding from other parties interested in investing.