Monday, January 13, 2014

PowerGenix In Manufacturing Partnership

San Diego-based PowerGenix, the developer of Nickel-Zinc (NiZn) battery technology, has linked up with a new manufacturing partner, the company said this morning. PowerGenix said it has signed a MOU with Asian battery manufacturer Amperex Technology Co. Ltd, to provide high volume manufacturing of its NiZN batteries. PowerGenix is initially targeting the automotive and industrial energy storage markets with its new battery technology. Financial details of the deal with Amperex Technology were not announced; the company apparently designs, manufactures, and sells rechargeable lithium polymer battery cells and battery packs. PowerGenix is venture backed by Bessemer Venture Partners, Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.