Cuberg, a US-based advanced battery cell developer backed by aerospace manufacturer Boeing, was acquired by lithium-ion battery manufacturer Northvolt for an unspecified amount yesterday.
Founded in 2015, Cuberg has developed lithium metal cells for electric mobility that can be manufactured using existing lithium-ion production facilities. They provide more than 70% increased range and capacity versus comparable batteries.
Richard Wang, chief executive and co-founder of Cuberg, said: “We are very excited to join forces with Northvolt to build the future of clean energy together.
“Northvolt brings incredible technology and manufacturing capabilities that will accelerate the commercialisation and adoption of our lithium metal technology. Their deep engineering experience and bold spirit perfectly complement Cuberg’s own culture of rapid innovation.”
Cuberg raised an undisclosed amount from Boeing’s corporate venturing unit, Boeing HorizonX, in 2018, having previously received $900,000 from an unnamed strategic partner and client in the oil and gas industry two years earlier.
The company also identified TomKat Center at Stanford University, Activate.org, California Energy Commission and US Department of Energy as investors in its acquisition announcement.
The original version of this story appeared on our sister site, Global University Venturing.