International Battery (IB), a manufacturer of large format, rechargeable lithium ion cells, batteries, and systems, clesed a $35 million Series C financing round, led by Digital Power Capital, an affiliate of Wexford Capital LP.
The new investment will allow IB to continue to scale up its existing manufacturing plant in Allentown, Pennsylvania, and will support expanded efforts and staffing in sales and engineering, as well as new product development.
IB manufactures two types of lithium-ion chemistries: Lithium Iron Phosphate (LFP) and Lithium Nickel Cobalt Manganese (NiCoMax).
What makes the company unique is its claim to a safer water-based manufacturing process that avoids
the use of toxic solvents, which are standard in lithium battery
manufacturing today. (The company has a white paper on the topic.)
In addition, IB says its battery cells are designed for greater safety, beginning at the the chemical level--from electrolyte design through to electrode material selection and prismatic cell structure.
IB says its saftety testing has included short circuit, overcharge, over discharge, abusive heating, thermal shock, vibration and bullet penetration.
IB's proprietary large-format batteries have been used in a variety of stationary, transportation and
military applications.
