Octet Scientific, the Cleveland startup that is developing specialty chemicals for zinc-based batteries, has received its first private-sector investment.
The $200,000 investment is coming from the Gale Family Office.
The money will help Octet Scientific "continue its work formulating safe, sustainable energy and boosting Cleveland's role in the clean energy future," the company said in a statement.
The new funds are expected to support Octet's scale-up activities through 2022 as it rolls out its first product.
Octet's proprietary chemical products are being tested at battery manufacturers in the United States, Canada, Japan, Europe and Australia.
Octet develops specialty chemicals for zinc-based batteries, which are an inexpensive, non-toxic and sustainable alternative to lithium-ion and lead-acid.
Zinc batteries are beginning to be developed for applications including backup power for data centers and grid storage to support renewable energy, Octet Scientific said.
The company believes its proprietary chemicals could play a critical role in improving these promising young technologies.
"Octet is already a leading voice on electrolyte development," said Brian Gale, a senior advisor for Octet Scientific and presumably a member of the Gale Family Office.
The family office investment is aimed at helping Octet Scientific work with zinc battery manufacturers to increase the efficiency, extend the operating lifetimes and boost the capacity of their batteries, Gale said.
"As the world seeks more efficient and sustainable methods of large-scale energy storage, battery markets are poised to grow by well over 20% annually," said Onas Bolton, founder and CEO of Octet Scientific, in his company's statement.
Bolton, a materials science engineer, started Octet Scientific in 2017. His company has received $600,000 in grant funding, $450,000 of it in the form of Small Business Innovation Research grants from the National Science Foundation.
