EnerG2 raises $9.4M for Oregon high-tech battery manufacturing plant
By Emily Parkhurst, Puget Sound Business Journal
EnerG2 CEO and co-founder Rick Luebbe siad the investment will allow the company to increase its Albany manufacturing base.
Seattle-based high-performance battery company EnerG2 has raised nearly $9.4 million in new funding, the company announced Wednesday in a filing with the Securities and Exchange Commission.
In addition to EnerG2 executives, advisers include Bob Lutz, the company’s recently appointed board of directors member and former General Motors vice chairman, and Kirkland-based OVP Venture Partners, a lead investor.
The company plans to use the new funds to shift from research and development to manufacturing its “Carbon Technology Platform,” which can speed up energy storage for high-performance applications like those used in electric vehicles, heavy-duty hybrid vehicles, and an array of other devices and machinery.
EnerG2 will manufacture the batteries in its Albany plant, which opened last February.
“Our investors have seen the successful transition EnerG2 has made from its roots as an energy storage R&D company to a manufacturer of energy storage applications,” Rick Luebbe, CEO and co-founder of EnerG2, said in an emailed statement. “These new funds will support EnerG2’s continued efforts with customers and help grow our manufacturing base.”
The EnerG2 plant's construction was made possible by a federal stimulus package grant in 2009.
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