Deals

Envia raises $3.2M for lithium ion batteries

Envia Systems, a company that provides energy storage services via lithium ion batteries, took $3.2 million in first-round funding from Bay Partners and Redpoint Ventures. The Hayward, Calif.-based firm hopes to integrated its technology into cleantech applications, particularly electric vehicles, hybrid electric vehicles and plug-in hybrids.

The adoption of lithium-ion batteries over heavier nickel-cadmium batteries has pushed electric car development forward, but they are still said to still be prohibitively expensive for regular use. Envia also faces competition from battery developer A123Systems, which just received a sixth round of backing from General Electric Commercial Finance for technology to be used in hybrid cars.