COnovate, Inc, a developer of a remarkable new advanced composite material for lithium-ion battery (LIB) anodes, announced the successful completion of a nearly $1 Million SAFE financing. COnovate’s COphite composite charges >6x faster than graphite anodes (95% of the lithium-ion battery market), stores 2x the amount of energy per charge and offers the potential for use of domestically sourced renewable feedstocks versus mined graphite. The material works well with incumbent LIB materials and designs which will enable rapid adoption as a logical extension to the existing carbon-based anode.
The round was led by Tundra Angels, Milwaukee Venture Partners and Jennifer Abele, who were joined by a mix of old and new investors. The funding will enable the Company to drive toward key scaling and commercial milestones in anticipation of a priced equity round later this year. COnovate intends to be fully demonstrated in a 2Ah battery and positioned to produce 10kg batches for third party battery validation during 2022.
“We are so excited about the support we have received from investors through this SAFE financing. In combination with efforts from our key industry collaboration, we are now positioned to build on the momentum generated from the promising third-party testing results on our COphite material. We will put this funding to work to further scale our material and demonstrate in LIBs with the support of our partners as we approach commercial volumes towards the end of next year. We think we are uniquely positioned to meet the increasingly aggressive demands for anode materials from the battery industry”, said Dr. Carol Hirschmugl, CEO and co-founder of COnovate.
About COnovate: The COPHITE material is a patented 2D material that is the first solid form of carbon monoxide that exists at room temperature and pressure. It was discovered by Dr. Hirschmugl and her co-founder Dr. Marija Gajdardziska-Josifovska at the University of Wisconsin-Milwaukee. Successful development of this material will produce a cost-effective, higher performing anode material that can be used with existing battery designs and current anode materials as an additive. With a doubling of capacity and enabling a six times faster charge, this innovative anode material has the potential to help power the wireless world with next-generation materials, while offering a safer solution for users of EVs, power tools, consumer electronics, and many other devices that draw energy from lithium-ion batteries. With its unique properties, the COPHITE materials also has many applications outside of energy storage.