Rincell Corp. said Jan. 8 it has raised a $1.2 million seed round investment in an oversubscribed round led by U.S. based NextGen Battery Chem Ventures LLC, managed by Sandiip Bhammer.
The infusion of capital from NextGen Battery Chem Ventures will allow Rincell to get its 18650 and 21700 silicon-graphite batteries ready for commercial production in 2024, the company said.
“With this investment, Rincell is poised to accelerate our mission of electrifying critical sectors with high capacity-performance batteries using secure supply chain,” said Rincell CEO and cofounder Jignesh Parikh.
The partnership with NextGen will help the company bring innovative silicon-graphite, lithium manganese iron phosphate and sodium-ion battery chemistries to market faster, said cofounder and Chief Scientific Officer Jagjit Nanda.
Commenting on the investment in Rincell, Bhammer stated, "Our investment in Rincell reflects a commitment to pioneering technologies that are set to revolutionize global energy storage and supply."
Rincell has been shipping samples of its highest capacity-performance 18650 and 21700 silicon-graphite batteries to government and commercial customers, including Inventus Power.
