European Batteries Ltd develops and manufactures large, rechargeable lithium-ion prismatic cells and battery systems. Its batteries are used as energy sources in large electric and hybrid vehicles (buses and delivery vans), heavy industrial machines, ships, reserve power systems and large-scale energy storage. The company started production of prismatic cells and battery systems at its Varkaus manufacturing unit in autumn 2010 and currently employs some 70 people across Espoo, Tuusula and Varkaus. Led by CEO Jukka Koskinen, European Batteries recently raised equity financing to accelerate its plans. It intends to use the proceeds to move from early-stage production to industrial production, expand internationally and extend its partnership network. The financing is positioned to support scaling of manufacturing and international expansion.

Total raised

$18M

Funding rounds

1

Latest round

Equity

Latest activity

Jan 2011