Envia nabs $7.1M for automotive lithium-ion batteries
EnVia Systems, a supplier of lithium-ion batteries for hybrid and fully electric cars has brought in $7.1 million of a targeted $7.7 million round of equity and securities, according to a filing with the SEC. Based in Hayward, Calif., the company did not list its most recent investors — though it has named Bay Partners and Redpoint Ventures in the past.
The company’s stated goal is to produce lighter and more affordable battery packs to green automotive companies. It claims that its lead product produces twice the energy, even though it lasts three times as long as a traditional battery and is half the weight. It hopes that it will be able to supply a substantial number of the 1 million plug-in hybrid cars president Obama says he wants on the road by 2015.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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