Houston-based Zeta Energy raised a $23 million Series A round for its novel battery technology.
The round was led by Moore Strategic Ventures, the private investment company for New York-based Moore Capital Management CEO Louis Bacon.
"We are delighted to have Moore Strategic Ventures join Zeta Energy. Moore's focus on transportation, advanced materials, energy and clean tech aligns perfectly with Zeta's strategic objectives," said Charles Maslin, founder and CEO of Zeta. "We are so excited to work together to help the world transition to clean energy and build a more sustainable future."
Using proceeds from the Series A, Zeta Energy aims to further develop its commercialization efforts and expand its laboratory facility in Houston.
Zeta Energy develops a lithium sulfur battery system for the electric vehicle and electricity storage industries using proprietary materials that are capable of outperforming current metal-based standards, the firm said. Zeta Energy's sulfurized carbon material also does not contain materials like cobalt, manganese or nickel, which cuts down on cost and supply chain constraints. The firm said it also develops a proprietary lithium metal anodes with higher energy density and other major material chemistries.
In December, Zeta Energy announced plans to move into a new facility in west Houston for material chemistry and process development of its battery tech. The 12,000-square-foot facility is expected to be operational during the second quarter. The company will have a team of 40 employees, including battery engineers, researchers and development personnel, based in the west Houston facility.
"Houston is the ideal location for us to advance our core battery and materials technology," said COO Tom Pilette. "With this new facility, we will be able to demonstrate the performance and cost characteristics of our proprietary technology and help accelerate electrification and the transition to green energy and beyond."
An address for the new facility was not disclosed. The Houston Business Journal has reached out for more information.
