Friday, August 27, 2010

ReVolt Gets $6.8M From Oregon, Portland

Portland-based ReVolt Technology, a developer of rechargeable zinc-air battery technology, said today that it has received $6.8 million worth of loans and tax credits from the State of Oregon and the City of Portland. The firm said the funds come from the Oregon Department of Energy's Small Scale Energy Loan Program (SELP). The firm said the new funds will go towards its development of battery systems for electric vehicles. The firm said the new local funding comes after completing negotiations for $5M from the Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E). As part of the loan and tax credits, the firm said it will set up a headquarters in Portland's Airport Way Urban Renewal Area, and expects to begin battery development and HQ operations in October at the location. ReVolt is venture backed by Northzone Ventures, RWE Innogy, SINTEF, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture.