Prieto Battery startup raises $5.7m to accelerate development of solid-state advanced rechargeable batteries
Prieto Battery announced it has closed on the first tranche of its $5.7 million Series C Round financing. The investment will accelerate Prieto's development of its proprietary 3D solid-state rechargeable lithium-ion battery. Pilatus Capital, a new investor in the company, led the series C financing with participation of existing investors including Stanley Ventures.
Mike Rosenberg, CEO, Prieto: "We welcome Pilatus Capital to the Prieto investor team and are encouraged by the continued support of our strategic partner Stanley Ventures. The Series C financing enables us to expand our team and build up the resources necessary to scale our solid-state battery for our partners and customers, as well as initiate the development of high-volume manufacturing processes."
Prieto's novel and patented battery architecture provides higher power capabilities, fast charging, high energy density, low and high temperature operation, and is safer than conventional lithium-ion batteries.
Sebastien Belanger, Principal Executive Officer, Pilatus Capital: "Prieto's technology is unique and potentially transformative. It is a solid-state system that has the potential for high power and fast charge, but also high energy density and operating safety. Pilatus is pleased to join the other investors and to work closely with the Prieto team as well as Stanley Ventures to commercialize this breakthrough technology."
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