US energy storage startup Cadenza Innovation has raised over USD 5 million (EUR 4.5m) in a series A funding round to back product development, extend initial deployments, and boost revenues.
The company said Monday the Golden Seeds-led oversubscribed round attracted Connecticut Innovations, Scale Investors, Eric Redman (Summit Power Group Co-chairman) and entrepreneur Mark Torrance. Angel investors from Asia, Europe and North America also participated.
Cadenza Innovation is bringing to market what it says is a low cost and high-performance technology platform for licensing to lithium-ion (Li-ion) battery makers around the world. “There is unprecedented demand for these next-generation solutions, especially in the electric transport and grid markets – each of which is expected to surpass USD 100 billion in sales within the next decade,” Cadenza said.
(USD 1 = EUR 0.908)
By Tsvetomira Tsanova