CEC Capital, formerly Shanghai Hua Hong International USA, which is backed by China Electronics, an electronics conglomerate, has led an $24m series B round into US-based Enevate Corp, a developer of rechargeable lithium-ion batteries. There was also involvement from new investors Tsing Capital, a cleantech venture capital management firm and Presidio Ventures, the wholly owned early stage investment vehicle of Sumitomo Corporation. Existing investors Mission Ventures and Draper Fisher Jurvetson also participated.
The new funds will be used by Enevate, formally known as Carbon Micro Battery Corporation, to accelerate commercialization of the company’s silicon-composite technology.
Enevate has raised $10m in venture funding last year and $5.5m from an investment from Mission Ventures and Draper Fisher Jurvetson.
Jin Guo, CEC Capital’s vice president, said: “Enevate is a clear leader in silicon technology for Li-ion batteries, we believe there is an excellent fit for its targeted consumer electronics devices.”