Investors Boost Battery Technology Company
Jan. 2, 2019 - An innovative battery technology company founded by UC Irvine alumnus Benjamin Park and Chancellor’s Professor Marc Madou has recently received a boost from several large investors. The company, Enevate Corp., was started in 2005 when Park was earning a doctorate under the advisement of Madou, a professor of mechanical and aerospace engineering.
Enevate develops and licenses silicon-dominant Li-ion batteries to leading global electric vehicle (EV) makers. It received significant funding from Samsung and LG Chem, both leading high-volume EV battery manufacturers in South Korea, and Renault-Nissan-Mitsubishi (also known as the Alliance). The company has raised over $108 million to date, with more than 10 venture and strategic investors.
Enevate’s pioneering work on silicon-dominant anodes and cells has resulted in its breakthrough HD-Energy® Technology featuring extremely fast charging with uncompromised high-energy density, excellent low-temperature operation for cold climates, low cost and safety advantages over conventional graphite Li-ion batteries.
“This technology enables EVs to charge in the same time as refueling a gas vehicle without compromising energy density or driving range,” said Madou, who now serves on the company’s technical advisory board. “This short charging time is superior to any other Li-ion technology available today.”
Headquartered in Irvine, California, Enevate technology has been developed over the last 10 years and tested by over 20 battery and automotive manufacturers in the U.S., Europe, South Korea and China.
– Lori Brandt