Battery company charged up with £4m investment

Atraverda, a company that has developed a bipolar battery design, has raised £4m in a funding round led by Scottish Equity Partners and OnPoint Technologies. Other investors in the round include US-based EnerTech Capital and previous investors The Generics Group and ITF.

The funding will be used to start manufacturing battery plates, based on a novel ceramic material said to enable a performance increase of over 40% compared with standard lead acid batteries, while reducing weight by at least 30%.

Atraverda will base its manufacturing operation in South Wales and plans to start production in the second quarter of 2005. The company has received an offer of a Regional Selective Assistance Grant from the Welsh Assembly Government.

At the outset, Atraverda will target the uninterruptible power supply (UPS) and portable power segments of the market. UPS applications for Atraverda’s batteries include hospital equipment, which must not be affected by any interruption to mains supply of electricity, and mobile phone network base stations, while portable power applications may include tools and lighting.