Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, announced a $6 million Series A financing.
The round was led by Equinor Ventures and joined by SCF Ventures.
The company intends to use the fund for product development, hiring, and the commercialization of Revterra's S100 kinetic battery to accelerate the rapid electrification of transportation and enable increased renewable energy deployment without destabilizing the electric grid.
Company: Revterra
Raised: $6.0M
Round: Series A
Funding Month: July 2022
Lead Investors: Equinor Ventures
Additional Investors: SCF Ventures.
Company Website: https://www.revterra.io/
Software Category: Kinetic Battery System
About the Company: Revterra is creating the next-generation kinetic battery system, which is modular, cost-effective, environmentally friendly, and highly efficient. Our initial beachhead market application is rapid EV charging, and we intend to move into adjacent energy storage verticals over time. Our system is well suited to enabling DC-Fast charging services in areas with weak or low-power grid infrastructure. Our first product will be a modular 400kW/100kWh base unit, with the option for expanding installations by adding additional modules. We will help enable a future where EV drivers can recharge their cars in 15 minutes or less anywhere, without the need for an overhaul of the existing electric grid.
Source: https://www.prnewswire.com/news-releases/revterra-raises-6m-in-series-a-global-investors-support-development-of-grid-stabilizing-kinetic-battery-301588706.html