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Wisconsin Battery Company announces $5 million investment

Wisconsin Battery Company announces  million investment

PORTAGE, Wisconsin, May 8, 2024–(BUSINESS WIRE)–Wisconsin Battery Company (WinBat™) has received a $5 million investment from Infinite Power Systems (IPS), a private equity fund. With this investment, 87.5% of WinBat’s seed round has been funded. The company said it will use the funds for prototype development for its hemp-carbon battery, produced in collaboration with the University of Wisconsin-Milwaukee, as well as construction and expansion of its new manufacturing facility in Portage.

Created to develop and deploy ESG solutions, South Africa-based IPS seeks technologies and resources that can advance sustainable solutions in agriculture, transport, energy and other sectors reviews.

WinBat will collaborate with IPS to identify business opportunities in the African market, providing technology and expertise, while IPS will leverage its network and financial resources to bring WinBat’s energy storage innovations to its projects in Africa.

“We view this as a very synergistic relationship,” said WinBat CEO Jeff Greene. “The IPS portfolio provides us with numerous opportunities to partner with companies that align with our goal of bringing products to market that are both higher performing and better for the planet.

“We have numerous subsidiaries and investments that will benefit from this synergy,” said IPS spokesman Michael Iuliucci. “We will work with WinBat’s batteries, and WinBat is committed to producing these batteries in Africa, as well as sourcing raw materials, including hemp. This type of partnership advances our mission to bring prosperity to active communities throughout the supply chain. IPS is also currently investing in projects in Ghana and Nigeria.

About WinBat

Wisconsin Battery Company, a for-profit corporation, is a research, development and manufacturing company focused on clean, renewable energy storage alternatives. As a social enterprise, it includes, in addition to profit, among its legally defined objectives, a positive impact on employees, the community, society as a whole and the environment.

About infinite power systems

Infinite Power Systems is a South Africa-based private equity fund that invests in sustainable technologies and promotes ESG solutions across the African continent.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508478856/en/

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