LiNova Energy announced it had raised $15.8 million in a Series A financing round led by Catalus Capital. Saft (a subsidiary of TotalEnergies), Chevron Technology Ventures, and a syndicate of investors joined the round. LiNova will use the funding round to accelerate its mission to revolutionize the energy storage landscape with its polymer cathode battery.
This significant funding round will enable LiNova Energy to expand its R&D efforts, scale up operations, and accelerate the commercialization of its batteries. And LiNova has developed a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode containing cobalt, nickel, and other critical materials.
LiNova also revealed that it has entered into a joint development agreement with Saft. Under this agreement, LiNova and Saft will collaborate to develop battery technology for commercialization in Saft’s key markets.
Catalus Capital, Chevron Technology Ventures, and Saft offer a wealth of experience and strategic resources that will be instrumental in guiding LiNova Energy’s growth trajectory. As LiNova Energy moves forward, the company is committed to leveraging this investment to make significant strides in the battery technology sector, drive innovation, and deliver value to its customers and stakeholders.
KEY QUOTES:
“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
“The technology developed by LiNova is designed to have higher energy density while providing a safer, lighter and lower-cost solution to the battery market. This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome LiNova Energy to the portfolio.”
- Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron
“We are excited to lead LiNova’s Series A round and support their path to commercial success. LiNova’s innovative polymer cathode technology is a strong addition to our energy storage portfolio. Catalus’ investments in the space are focused on companies that combine a sound technical foundation with a capable management team and a robust commercial plan. LiNova is emblematic of this approach. We look forward to a successful partnership.”
- Saif Qazi, Vice President at Catalus Capital
“We are grateful for the support and confidence of our investors. This funding is a testament to the potential of our technology and the impact it will have on delivering a more sustainable battery for the world’s energy storage needs. With this investment, we are well-positioned to advance our mission and bring our innovative polymer cathode batteries to market.”
- Michael Nagus, CEO of LiNova Energy
