Ann Arbor's Sakti3 raises $7M in investment financing

Wednesday, April 7, 2010 | Source: Concentrate
Sakti3 is attracting more and more money these days now that it has successfully raised $7 million in investment capital.

A host of venture capital firms, including Farmington Hills-based Beringea, came up with the cash for the developer of next-generation lithium-ion batteries. The Ann Arbor-based company's technology will be used primarily for electric vehicles and also portable electronics.

"The Sakti3 team is one of the most advanced battery teams in the world," says Jeff Bocan, managing director at Beringea. "In the last three years it has been focused only on developing these batteries."

Sakti3 spun out of the University of Michigan in 2007 and is now led by U-M Prof Ann Marie Sastry. It has received backing from Khosla Ventures and the Michigan Economic Development Corp while also sharing the spotlight with General Motors.

Bocan calls the investment a "energy efficiency play." He compares it to an investment his firm has previously made in LED-light-maker Relume.

"We're betting the Sakti3's technology will radically change the battery sector," Bocan says. "That's both in cost and performance."

Source: Jeff Bocan, managing director at Beringea
Writer: Jon Zemke
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Energy, Higher Education, Investment, Renewable Energy, Transportation, Transportation, University Of Michigan, Venture Capital 

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