Redmond-based battery maker BrightVolt on Wednesday announced it raised $16 million in a Series B round.
A BrightVolt spokesperson said the company has over 15 employees right now but plans to grow to over 25 in a year. The company is also looking to add a new research, development and manufacturing facility and is "discussing with various states for support," according to the spokesperson.
New Science Ventures and Caterpillar Venture Capital Inc. both invested in the funding round.
“Caterpillar has a long-standing commitment to sustainability. We are excited to collaborate with them on developing next-generation solid-state Lithium-Ion batteries as another step on their path to help customers achieve their climate-related objectives,” Todd Peters, BrightVolt CEO and chairman, said in a news release.
BrightVolt has an existing research and development center in Indiana, but its corporate headquarters are in Redmond. Although only about 15% of its employees are based in the Seattle area, according to the spokesperson, the company might add nontechnical jobs to the area next year. The spokesperson added the company doesn't have plans to add space in Redmond at the moment.
BrightVolt makes rechargeable batteries that can power electric vehicles, consumer electronics and medical devices, according to the company. BrightVolt says there's less dead weight in its batteries, creating higher energy density.
The battery market seems to have a bright future ahead given recent political developments. Earlier this year, President Joe Biden signed an executive order calling for electric vehicles to make up half of all cars sold in the U.S. by 2030, which could provide a boost to BrightVolt's business.
"More than a deployment target, it is a goal to leverage once-in-generation investments and a whole-of-government effort to lift up the American autoworker and strengthen American leadership in clean cars and trucks," a White House release from August read. "The 2030 target is calibrated to provide time for existing manufacturing facilities to upgrade without stranding assets."
