Hong Kong-based nanotechnology startup Volt14 Solutions has bagged SGD 1.3 million (USD 995,000) in a seed funding round led by 500 Startups, HKSTP Ventures, and Entrepreneur First.
In an official statement, the company said it would use the fresh funding to accelerate the development of its high-capacity battery materials, which almost doubles the energy density of existing lithium-ion batteries. Volt14 Solutions (Volt14) will also refine their materials for mass-production and push forward the production trials they have in the pipeline with battery cell manufacturers.
Animesh Jha and Adam Haldar founded Volt14 in 2018. The startup graduated from the inaugural Entrepreneur First Hong Kong cohort earlier this year. It develops battery materials that will enable lithium-ion batteries to double their energy storage capacity. Its technology helps smartphone batteries last up to 85% longer. It also enables electric cars to be between 10% and 15% cheaper, which brings them significantly closer to price parity with their gasoline-powered counterparts.
“Volt14’s technology helps satiate the boundless global thirst for energy. The team has significantly improved battery technology in the critical dimensions of efficiency, size and price. Any industry utilizing batteries from smartphones to cars to computers can benefit from Volt14’s safe, cost-effective and easily integrable solutions,” Vishal Harnal, general partner at 500 Startups’ Southeast Asia-focused fund 500 Durians, said in a statement.
The company said it has gained significant interest in its materials technology from the Li-ion battery cell and automotive industry. It plans to begin industrial-scale production trials by December.