PowerGenix Raises $30M

San Diego-based PowerGenix, which develops Nickel-Zinc rechargeable batteries, said today that it has raised $30M in a Series D funding round. The round was led by Bessemer Venture Partners, and also included Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners. The new round brings the company's total raised to approximately $60M. PowerGenix develops rechargeable batteries based on NiZn chemistry, which the firm says is nontoxic, non-combustible, and recycleable, in addition to having about one third more power than existing alkaline rechargebles. PowerGenix is targeting its battery technoloy on both rechargeable AA/AAA consumer batteries, to hybrid and electric vehicles. More information »