Joins current investors Capital Nature and Israel G-Tek in fueling the Energy Storage revolution with the first non-chemical kinetic battery
LOD, Israel, July 7, 2015 -- Chakratec, the pioneer in Energy Storage solutions based on a kinetic battery device, announced today it has raised $2 million in a Series B funding round from China based investor ZZRunner.
Chakratec will leverage this Series B funding mostly to complete its beta testing with actual potential customers in Israel, Europe and China, and move forward with its go to market penetration.
The company is accelerating its development and sales activities and is looking for partners and pilot projects in Europe.
"When we first met Chakratec a year ago, we were very intrigued with the innovation of its solution especially for a market like China. We believe that most of the Renewable Energy deployments worldwide, will be enhanced with storage within a decade. The highly strong and experienced founders, as well as seeing the achievements so far have convinced us to partner with Chakratec and support its go to market" said Mr. Chen Yu Jie, CEO of ZZRunner.
"From our initial roots as a Capital Nature incubated company, through our expansion with additional funds from Capital Nature and Israel G-Tek and now with ZZRunner, we have always sought out partners that both understand the Energy Storage space, as well as share our vision that Energy Storage is an integral component of the Renewable Energy infrastructure that is not fully or adequately served by existing Li-Ion batteries" says Ilan Ben-David, co-founder and CEO of Chakratec. "Adding ZZRunner, who actually come from that industry and is part of the Chinese ecosystem is exciting for us", he adds.
Chakratec, established in 2013, brings to the energy market patented kinetic battery energy storage solution based on an innovative flywheel concept. While being comparable in price to alternative solutions such as Li-Ion batteries, Chakratec's solution enables energy storage for hours as needed with renewable energy generation. Unlike chemical batteries which have a limited number of charging cycles during their life time, Chakratec's kinetic battery, provides virtually limitless number of deep charge and discharge cycles over the full life time of 20 years. These unique attributes make the price per charge/discharge cycle disruptively low, making it the optimal solution for solar fields, wind farms and other application which require energy storage. The kinetic battery is also the only truly green solution with none of the hazardous safety and disposal issues associated with chemical battery solutions, therefore it enables a fully green energy ecosystem of solar, wind and storage.
For further information visit: www.chakratec.com