Alt-chemistry battery maker PowerGenix has significantly upped its funding with a $30 million fourth round. The company plans to make batteries for electric vehicles, power tools, electronics and other applications.
One of PowerGenix’s most ambitious plans is to crack into the market for electric scooters, which we recently covered. Its nickel-zinc (NiZn) batteries are cheaper than lithium-ion, the best battery type available, yet more powerful than standard lead-acids.
The company also has potential markets in hybrid electric automobiles, power tools, lawn and garden equipment and standard AA and AAA batteries.
Bessemer Venture Partners led the round, with participation from Angeleno Group, Braemar Energy Ventures, Advent International, Granite Ventures, Technology Partners and OnPoint Technologies. PowerGenix has raised $60.75 million to date.