Climate Insider Brief:
- LiNova Energy Inc., a California startup, secured a $15.8 million series A funding round led by Catalus Capital, with support from prominent energy transition leaders in Houston.
- The company specialises in polymer cathode battery technology, aiming to revolutionise energy storage by replacing traditional cathode materials like cobalt and nickel with high-energy polymer alternatives.
- Collaborating with Saft, a subsidiary of TotalEnergies, headquartered in Houston, LiNova plans to commercialise its technology, aligning with Chevron Technology Ventures’ commitment to lower carbon energy investments and projects.
PRESS RELEASE – May 08, 2024 – California startup that’s revolutionising polymer cathode battery technology has announced its series A round of funding with support from Houston-based energy transition leaders.
LiNova Energy Inc. closed a $15.8 million series A round led by Catalus Capital. Saft, a subsidiary of TotalEnergies, which has its US HQ in Houston, and Houston-based Chevron Technology Ventures, also participated in the round with a coalition of other investors.
LiNova will use the funds with its polymer cathode battery to advance the energy storage landscape, according to the company. The company uses a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode that is made up of cobalt, nickel, and other materials.
The joint development agreement with Saft will have them collaborate 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,” Cedric Duclos, CEO of Saft, says in a news release.
CTV recently announced its $500 million Future Energy Fund III, which aims to lead on emerging mobility, energy decentralisation, industrial decarbonization, and the growing circular economy. Chevron has promised to spend $10 billion on lower carbon energy investments and projects by 2028.
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SOURCE: Innovationmap
Featured Image: Credit: LiNova
