ENERGY STORAGE

Battery company WinBat secures $5m investment from Infinite Power Systems

May 10, 2024

Wisconsin Battery Company (WinBat) has received an investment of $5 million from private equity fund Infinite Power Systems (IPS), a private equity fund.

The investment means 87.5% of WinBat’s seed round has been funded, the company said in a statement.

WinBat said it will use the funds for the development of prototypes for its hemp carbon battery – produced in collaboration with the University of Wisconsin-Milwaukee – and for construction and buildout of its new manufacturing facility in Portage.

“WinBat will collaborate with IPS to identify business opportunities in the African market, providing technology and expertise while IPS leverages its network and financial resources to bring WinBat’s innovations in energy storage to its ventures in Africa,” the statement added.

WinBat CEO Jeff Greene commented: “We see this as a very synergistic relationship, IPS’ portfolio offers us many opportunities for partnering with companies that are aligned with our goal of bringing products to market that are both better performing and better for the planet.”

IPS spokesperson Michael Iuliucci added: “We have many subsidiaries and investments that will benefit from this synergy. We will work with WinBat’s batteries, and WinBat has committed to producing those batteries in Africa, as well as sourcing the raw materials, including hemp. This kind of partnership advances our mission of bringing prosperity to communities active throughout the supply chain.” IPS is also currently investing in projects in Ghana and Nigeria.”