PORTAGE, Wis.--(BUSINESS WIRE)--Wisconsin Battery Company (WinBat™) has received an investment of $5 million from Infinite Power Systems (IPS), a private equity fund. With this investment, 87.5% of WinBat’s seed round has been funded. The company said it will use the funds for 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.
Created to develop and deploy ESG solutions, South-Africa-based IPS scouts technologies and resources that can advance sustainable solutions in agriculture, transportation, energy and other critical sectors.
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.
“We see this as a very synergistic relationship,” said WinBat CEO Jeff Greene. “IPS’s 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.”
“We have many subsidiaries and investments that will benefit from this synergy,” said IPS spokesperson Michael Iuliucci. “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.
About WinBat
Wisconsin Battery Company, a benefit corporation, is a research, development and manufacturing company focused on clean, renewable energy storage alternatives. As a benefit corporation, it includes positive impact on employees, the community, society at large and the environment in addition to profit as its legally defined goals.
About Infinite Power Systems
Infinite Power Systems is a South Africa-based private equity fund that invests in sustainable technologies and promotes ESG solutions throughout the African continent.
