GreenRock participates in fast-charging technology funding round.
GreenRock Eco Ventures Corp. ("GreenRock" or "the Company"), a British Columbia (BC) based investment group focused on sustainable investment strategies and projects, announced today that it is participating in an investment round by an Israeli developer of extreme fast charging (XFC) battery technology.
The Israeli company has been working on so-called XFC (extreme fast charging) technology for several years with the goal of revolutionizing conventional lithium-ion batteries. The company's goal: to fully charge electric car batteries in just five minutes.
To this end, the company unveiled what it calls the "world's first" silicon-dominated battery prototype, which can be fully charged in up to five minutes. This technical innovation would be an immense step forward for the electric car industry, which is on the rise worldwide.
Led by a Vietnamese vehicle manufacturer that has announced plans to incorporate XFC technology in the future production of its own vehicles, GreenRock is participating in the Israeli company's current round of financing.
The company plans to invest the approximately $80 million raised from the funding round in establishing a research and development center in California in addition to its resident headquarters, from where they are preparing to launch mass production in 2024. The Israeli company's technology, which has been in development for three years, is protected by a total of twelve patents for cell design, software and a self-repairing system that allows batteries to regenerate on the fly. The company also let it be known that it has already signed a framework agreement with a Chinese producer of automotive batteries.
Founded in 2012, the innovative company is an ideal fit for Canadian investment group GreenRock's investment portfolio, delivering further exciting synergies with existing portfolio companies in the e-mobility space and its new investment in a Chilean lithium mine, which uses less environmentally damaging methods to extract the valuable raw material.
"Now we are sufficiently funded to bring our silicon-dominated XFC cells to the end of the R&D phase and make them ready for mass production in 2024 for global vehicle manufacturers. It will help overcome the main barrier to electric vehicle ownership - charging time - by reducing charging time by 50% and ultimately helping us create a zero-emission, clean world," said the company's CEO.
GreenRock Eco Ventures Corp. (ISIN: CA3953911052 / CUSIP: 395391105 / WKN: A3C57A)
GreenRock is a global investment group based in Vancouver, Canada. GreenRock's main focus is on investments in sustainable commodities, companies and projects. Also on the foundation of own companies and projects with significant sustainability aspects through the in-house incubator GRi (GreenRock Incubator).
Source: GreenRock Eco Ventures Corp.
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