Tuesday, August 10, 2010

EnerG2 Breaks Ground On Manufacturing Plant

Seattle-based EnerG2, a developer of energy storage technology, announced Tuesday that it has broken ground on its first facility, aimed at commercial-scale production of its synthetic high-performance carbon electrode material. The firm said the plant is being build with the help of a $21.3 million Federal stimulus grant from the U.S. Department of Energy. EnerG2 is venture backed by WRF Capital, the Sustainability Investment Fund, Northwest Energy Angels, the Frontier Angel Fund, OVP Venture Partners, Firelake Capital Management and Yaletown Venture Partners. EnerG2 said the new plant is expected to create at least 35 new jobs when fully operational, in addition to generating an estimated 50 construction jobs to local payrolls. EnerG2 said it expects its material will spur large-scale domestic production of energy storage devices and electric-drive vehicles. EnerG2 has raised around $14.5 million in equity funding.