ReVolt Technology, a Germany-based developer of rechargeable batteries backed by German energy company RWE’s corporate venturing unit, has extended its series B round by €2m ($2.9m) from undisclosed investors.
The company, which in October moved its headquarters from Switzerland, has also gained €21m in grants, loans, tax credits, subsidized loans and other financing incentives to take its total raised since launch to €26m.
In May last year, ReVolt hired Wade Guindy as chief operating officer and executive vice president of technology. Guindy previously worked at Eksigent Technologies, Solicore and Valence Technology.
In January 2009, ReVolt raised €10m ($12.3m) in an intermediate Series B round of financing from strategic investor RWE Innogy, venture capital firms NorthZone Ventures, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture, as well as its former parent, Norway-based research institute Sintef Group, which holds its venture investments in Sinvent. Sintef owns a quarter of the shares in the SpinOut Venture fund that holds the ReVolt portfolio company.