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COnovate completes initial investment round led by Tundra Angels

COnovate, Inc., a Wisconsin-based company developing a novel anode material for lithium-ion batteries, announced the successful completion of its initial round of financing.  The round was led by Green Bay-based Tundra Angels with participation from two other Wisconsin based investors. The funding will enable the Company to drive toward key scaling milestones over the next twelve months as it prepares to launch a safer anode solution with improved capacity and faster charging time. 

“This financing highlights the progress we have made validating the promise of our patented COPHITE(TM) material. Along with our government funding, we are now positioned to scale our material to volumes required for testing by industry, a huge step forward on our path to commercialization. We appreciate the support of our investors, and look forward to leveraging this funding to deliver an anode material that meets the increasingly aggressive demands from the battery industry”, said Dr. Carol Hirschmugl, CEO and co-founder of COnovate.   

“COnovate, and its patented COPHITE material, represent a new frontier in the future of the battery industry. This company has the ability to make a distinguished impact on not only the state of Wisconsin, but also the world. Carol, Marija, and their team are truly world class individuals with proven execution, and Tundra Angels is honored to be backing COnovate and to lead this round of funding,” says Matthew Kee, Manager of Tundra Angels and Startup Development Manager at the Greater Green Bay Chamber.  

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.   

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About Tundra Angels: Tundra Angels, which officially launched in July 2020, brings together accredited investors to invest in high growth, scalable startups. It is open to members from around the Greater Green Bay area and Northeast Wisconsin and is an outgrowth of the Greater Green Bay Chamber Economic Development Strategic Plan.  Since its launch, Tundra Angels has assembled nearly 20 local angel investors.  

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With bio-sourced eCOphite material, COnovate will deliver faster charge times, greater capacity, simplified supply chains, and improved safety that is compatible with existing battery designs and materials.

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