Finnish Government awards BroadBit Batteries loan financing for 635k € Project
In Notice of Decision 4437/31/2015, Tekes, the Finnish Funding Agency for Innovation, has awarded BroadBit Batteries financing for its project “Battery Processes designed for manufacture” and approved the total 634,490 Euro project cost estimate. Tekes evaluated the company’s continued funding opportunities for the achievement of the set targets and the overall situation of the company. The project aims to prepare a project for pilot scale electrode production, to prepare for first battery component sales, to develop an IPR strategy and to ensure sufficient private funding for further development.
Upon receiving the award, CEO, David Brown stated, “We are pleased that Tekes has decided to support our entire requested project. The project promotes the development of international business based on our new battery innovation and the Tekes funding accelerates the development and productization of our unique energy storage technology and creates conditions for commercialization. These funds support a critical stage in the development of our business and technology and brings high performance, sustainable battery technology closer to market and closer to solving the world’s energy and transportation problems.”
About BroadBit Batteries:
BroadBit is a technology company developing revolutionary new batteries using novel sodium-based chemistries to power the future green economy. BroadBit has already made high performance lab samples and is now commercializing the technology for next generation electric vehicles, portable electronics, starters and grid energy storage. BroadBit’s batteries, based on metallic sodium and other widely available and plentiful compounds, enable:
Increased range/use time Longer lifetime Reduced cost Improved environmental friendliness Improved robustness Scalability to any production volume
Tekes, the Finnish Funding Agency for Innovation, is the most important publicly funded expert organisation for financing research, development and innovation in Finland, boosting wide-ranging innovation activities in research communities, industry and service sectors. Tekes is part of the Team Finland network where Tekes offers innovation funding and services to internationalising companies, promotes the internationalisation of companies and supports efforts to attract foreign investment in Finland.