EnVia Raises $7.1M for Lithium Battery Development
EnVia Systems, a supplier of lithium-ion batteries for hybrid and fully electric cars has brought in $7.1 million of a targeted $7.7 million round of equity and securities, according to a filing with the SEC. Based in Hayward, Calif., the company did not list its most recent investors — though it has named Bay Partners and Redpoint Ventures in the past.
The company’s stated goal is to produce lighter and more affordable battery packs to green automotive companies. It claims that its lead product produces twice the energy, even though it lasts three times as long as a traditional battery and is half the weight. It hopes that it will be able to supply a substantial number of the 1 million plug-in hybrid cars president Obama says he wants on the road by 2015.
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