Europe’s leading supplier of lithium ion batteries for electric vehicles, power tool and e-bike applications, Axeon, has raised $5.6 million (£3.5 million) to support the next development phase of the business.
The investment is in the form of new equity, through preference shares with a redemption date of October 2015.
Lawrence Berns, CEO, commented: “This commitment of funds for a further three and a half years is a major endorsement of Axeon’s business strategy. The new equity will support the business as we continue to grow, both in our core business, the design and assembly of automotive lithium-ion batteries, and the rapidly-growing e-bike sector”.
He added: “A further benefit of this new funding is the impetus it will bring to our new business plans. This investment in Axeon shows that we are fully committed to taking the steps necessary to meet the needs of our global automotive, power tool and e-bike customers”.