International Battery, which makes large-format lithium ion batteries for utility-grade energy storage, has raised $35 million in a series C round of funding.
The money comes from existing investor, private equity firm Digital Power Capital, and will be used for expanding manufacturing in Allentown, Penn., according to International Battery.
Many lithium ion battery companies, including A123 Systems and EnerDel, are developing packs for both vehicles and utility-grade storage.
International Battery's technology of large-format lithium ion cells is best suited for stationary uses, such as back-up storage for renewable energy. Its prismatic-shaped cells are about the size of bricks, rather … Read more