US-based battery developer Contour Energy Systems closed its series C funding round on Thursday from a consortium including oilfield services company Schlumberger.
Alongside Schlumberger in the $20m C round were joint venture partnership SBI Jefferies Asia Fund, investment firm EDBI, and venture capital firms CMEA Capital, Harris & Harris Group and US Venture Partners.
Contour, when known as CFX, raised $14.2m in its series B round, in February 2010, from Schlumberger, CMEA, Harris & Harris and US Venture. The funding followed a series A round which raised $15.2m in June 2007.
Joe Fisher, chief executive officer for Contour Energy Systems, said: "Closing out our Series C round with the addition of SBI Jefferies Asia Fund provides us with another strategic partner that maintains important relationships in key Asian markets. We now have one of the industry’s most elite corps of investors and substantial new capital to accelerate our ambitious technology and product development initiatives that we believe will reshape portable power."
Contour plans to use the funding to continue the expansion of is research and development, as well as expanding production capacity and supporting sales growth.