ReVolt Technology, a Norway-based developer of rechargeable batteries backed by German energy company RWE’s corporate venturing unit, has filed for bankruptcy. In May last year it had extended its series B round by €2m ($2.9m) from undisclosed investors but last month said it would file for bankruptcy unless it found a buyer or further investors. The company has also gained €21m in grants, loans, tax credits, subsidized loans and other financing incentives to take its total raised since launch to €26m. In January 2009, ReVolt raised €10m ($12.3m) in an intermediate Series B round of financing from strategic investor RWE Innogy, venture capital firms NorthZone Ventures, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture, as well as its former parent, Norway-based research institute Sintef Group, which holds its venture investments in Sinvent. Sintef owns a quarter of the shares in the SpinOut Venture fund that holds the ReVolt portfolio company.
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ReVolt files for bankruptcy
Dec 2, 2012 • Global Corporate Venturing
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