Oxford University spinout Brill Power has secured $10.5m (£8.7m) in a Series A round for its smart battery technology.
Brill Power is developing battery management control systems that it claims make batteries perform better and last longer at a lower cost.
“We now have the means to act on the opportunity to offer the market a step-change in improvements for zero-emissions technologies – for the benefit of our investors, our customers and also the community we serve,” said Dr Christoph Birkl, CEO, Brill Power.
Spun out in 2016, Brill Power will use the funding to double its engineering and commercial teams, widen its product offering in energy storage and electric vehicle batteries, and develop its battery data analytic platform.
The Oxford-based company has worked with luxury car manufacturer Aston Martin to make a hybrid battery system for high-performance vehicles.
Brill Power’s Series A was led by new investors Legal & General Capital along with Barclays’s Sustainable Impact Capital Programme.
James Ferrier, head of sustainable impact capital, Barclays, said: “Reliable and long-lasting storage solutions for renewable energy are going to be vital for a successful and orderly transition to a low-carbon economy.”
Capital also came from previous investors Oxford Science Enterprises, Oxford Investment Consultants and Oxford University.
Oxford Science Enterprises earlier this week raised an additional £250m to continue funding University of Oxford spinouts.
“Through extended lifetimes, improved safety, and waste reduction, Brill Power’s work is setting a new standard for how to store and use clean power to accelerate progress to our net zero emissions goals,” said John Bromley, managing director, Clean Energy, Legal & General Capital.
Both Shell Ventures and Climate KIC are now shareholders in Brill Power.
Last week saw fellow battery technology maker Nyobolt raise £50m to manufacture its batteries in the UK.