A group of three Masters of Entrepreneurship students, one PhD student, and one professor from the University of Michigan believe they have come up with a better cell phone battery, or at least a piece of technology that will help these batteries last longer.
Elegus Technologies is commercializing a battery separator membrane that keeps battery electrodes from touching and short circuiting. It's thinner, less expensive, and more heat resistant than current option on the market. It's applications range from helping prolong cell phone battery life to jets to electric vehicles.
"We saw a lot of potential for growth not only with lithium-ion batteries but with other applications," says John Hennessy, co-founder of Elegus Technologies.
The team at Elegus Technologies has raised $23,000 in seed capital from grants and business plan competition wins. They hope to raise $150,000 by the end of summer. That money will help validate the technology. It is working on testing it through the rest of this year.
"Once we get that testing done we can get samples out to customers who are interested in it," Hennessy says.
Hennessy is one of three masters of entrepreneurship students at U-M’s Ross School of Business and a U-M PhD student who decided to take on the technology and turn it into a startup. Elegus Technologies was recently named the Entrepreneurs of the Year by the U-M Center for Entrepreneurship
. Hennessy and his team are currently working with the professor at U-M that originally developed the technology.
"We thought it had the best potential out of all of them so we stuck with it," Hennessy says.
Source: John Hennessy, co-founder of Elegus Technologies
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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