Advanced Battery Concepts got a little boost this past week thanks to the receipt of funds from the
Michigan Pre-Seed Capital Fund and
Ann Arbor Spark.
The company matched the $400,000 raised from investors with $250,000 from the pre-seed fund and was the recipient of a $50,000 micro-loan from Spark.
The company used the loan to move into the Mid-Michigan Innovation Center.
"The micro-loan program and pre-seed fund are, in my opinion, the best programs to promote entrepreneurship that Michigan offers," says Jerold Zwas, chief financial officer of Advanced Battery Concepts.
The pre-seed investment allows the company to continue its battery research and development efforts at its facilities in Midland. The company is known for creating GreenSeal batteries, which 40-percent higher energy density and better power but lower production costs that traditional lead acid rechargable batteries. The company currently plans on fielding its first batteries in the second quarter of 2011.
With continued optimization and additional research and development, the company anticipates its GreenSeal batteries will achieve a 70 percent increase in the energy density of lead acid batteries.
Writer: Sam Eggleston
Source: Ed Shaffer, Advanced Battery Concepts
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