8 Comments

Summary:

Firefly Energy, a company developing cutting-edge lead-acid battery technology that we profiled last week, has raised $15 million in new venture funding. The financing was part of a Series C round that brought on Khosla Ventures and Infield Capital as new investors, PEHub reports. The Peoria, […]

Firefly Energy, a company developing cutting-edge lead-acid battery technology that we profiled last week, has raised $15 million in new venture funding. The financing was part of a Series C round that brought on Khosla Ventures and Infield Capital as new investors, PEHub reports.

The Peoria, Ill.-based startup was spun out of construction and mining equipment maker Caterpillar in 2003 to develop better lead-acid battery technology for commercial and military use. The company previously raised $10 million from Caterpillar, Stark Capital, KB Partners, the Illinois Finance Authority and Tri-County Venture Capital Fund.

Firefly says on its web site that it has developed a battery that is powerful and light enough to give the hybrid vehicle market a significant boost. Given that Vinod Khosla has referred to hybrid vehicles as toys (OK, specifically parallel hybrids), this investment seems to represent a newer series of investments into electrified vehicles.

Firefly representative David Reiners tells us that the company is first focusing “on military and commercial trucking markets. So a discussion of applications of the company’s battery technology in the EV market would be premature.” Reiner was more eager to point out Firefly’s contribution to potentially “huge diesel fuel savings and cleaner air that next-generation batteries will produce as more states adopt strict anti-truck-engine-idling regulations.”

On that front, this summer, Firefly is launching its Oasis battery, which is designed to power the sleeper cab electronics of semis when the truck is idling. Currently these systems are usually powered by the diesel engine but new idling restrictions will tighten regulations on the emissions of parked big rigs.

But beyond big rigs, Firefly’s batteries, which the company says are lighter, cheaper, more rugged and more powerful than traditional lead acid batteries, could certainly find applications in the growing electric and hybrid world sometime soon. So, while Firefly seems a little coy about its passenger vehicle plans, the company is definitely a strong contender for upcoming battery contracts as car makers all over the world start putting more battery-powered vehicles on the road.

  1. [...] that Quercus played a part in Firefly Energy’s $15 million Series C round of financing. We had reported the round last month when Khosla Ventures and Infield Capital were announced as new investors in the lead-acid battery [...]

    Share
  2. [...] car battery. Which one of the startups that we’ve covered could be in the running — Firefly, A123Systems, Altairnano? Meanwhile the importance of the next president with regards to the [...]

    Share
  3. [...] Firefly Energy is using carbon foam to make more lightweight lead-acid batteries for use in military and commercial trucks. The batteries are for the military’s “Silent Watch” program, which allows [...]

    Share
  4. [...] Firefly Energy is using carbon foam to make more lightweight lead-acid batteries for use in military and commercial trucks. The batteries are for the military’s “Silent Watch” program, which allows reconnaissance [...]

    Share
  5. [...] Firefly Energy is using carbon foam to make more lightweight lead-acid batteries for use in military and commercial trucks. The batteries are for the military’s “Silent Watch” program, which allows reconnaissance [...]

    Share
  6. The style of writing is quite familiar . Did you write guest posts for other blogs?

    Share
  7. [...] As for the military applications, Levant is hardly alone in eying the Defense Department’s massive budget in a time when other big spenders have closed their wallets. Energy storage company Ener1 said in a call with shareholders earlier this year that while the “personal transportation sector, as everybody knows, is financially stressed,” the military has “huge untapped potential” for lithium-ion battery technology. Lead-acid battery startup Firefly Energy spun out of Caterpillar to develop technology for the military, as well as the commercial sector, and just raised a $15 million round of venture capital financing last week. [...]

    Share
  8. [...] seemed like it had secured a solid amount of early stage funding from high profile investors. In mid-2008 Firefly Energy raised $15 million as part of a Series C round that brought on Khosla Ventures, Infield Capital and [...]

    Share

Comments have been disabled for this post