Backed by Sumitomo, Enevate plans to use the money to begin mass production of its lithium-ion batteries.

Presidio Ventures, an investment arm of conglomerate Sumitomo, participated in a $30m series C round yesterday for US-based battery technology developer Enevate.

The round was led by co-led by Tsing Capital, Mission Ventures and Infinite Potential Technologies.

Enevate is developing rechargeable lithium-ion batteries aimed at mobile devices that extend energy density by up to 50% compared to current technology. The company was spun out of University of California, Irvine in 2005 as Carbon Micro Battery but changed its name in…

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