Portage, Wisconsin, May 8, 2024–(BUSINESS WIRE)–Wisconsin Battery Company (WinBat™) has received a $5 million investment from private equity fund Infinite Power Systems (IPS). This investment raised 87.5% of WinBat’s seed round. The company said it will use the funding to develop a prototype hemp carbon battery produced in collaboration with the University of Wisconsin-Milwaukee and to build and expand a new manufacturing facility in Portage.
Founded to develop and deploy ESG solutions, South Africa-based IPS unearths technologies and resources that can drive sustainable solutions in agriculture, transport, energy and other critical sectors.
WinBat will work with IPS to identify business opportunities in African markets and provide technology and expertise, while IPS will leverage its network and financial resources to bring WinBat’s innovations in energy storage to African operations.
“We see this as a highly synergistic relationship,” said WinBat CEO Jeff Greene. “The IPS portfolio provides us with many opportunities to partner with companies that are aligned with our goal of bringing to market products that perform better and are better for the planet.”
“We have a number of subsidiaries and investments that will benefit from this synergy,” said IPS spokesman Michael Yuliucci. “We will continue to work with WinBat batteries. WinBat not only produces those batteries in Africa, but also works to source raw materials, including hemp. IPS is also currently investing in projects in Ghana and Nigeria.
About WinBat
Wisconsin Battery Company, a charitable corporation, is a research, development and manufacturing company focused on clean, renewable energy storage alternatives. As a benefits company, our legally defined goals include, in addition to profit, having a positive impact on our employees, our communities, society as a whole and the environment.
About Infinite Power Systems
Infinite Power Systems is a South African-based private equity fund that invests in sustainable technologies and advances ESG solutions across the African continent.
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