Wisconsin Battery Company Announces $5 Million Investment
Summary
PORTAGE, Wis.(BUSINESS WIRE)Wisconsin Battery Company (WinBat) has received an investment of $5 million from Infinite Power Systems (IPS), a private equity fund. 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.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 WinBats innovations in energy storage to its ventures in Africa.We have many subsidiaries and investments that will benefit from this synergy, said IPS spokesperson Michael Iuliucci. 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.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.