Press Release Chakratec secures series B
Chakratec secures series B round from Chinese ZZRunner who joins current investors Capital Nature and Israel G-Tek in fueling the Energy Storage revolution with the first non-chemical kinetic battery.
Eilot Region, Israel – (April 15, 2015) – Chakratec, the pioneer in Energy Storage solutions based on a kinetic battery device, announced today it has raised $2M in a Series B funding round from China based investor ZZRunner.
Chakratec, established in 2013, brings to the energy market patented kinetic battery energy storage solution based on an innovative flywheel concept. While being comparable in price to alternative solutions such as Li-Ion batteries, Chakratec’s solution enables energy storage for hours as needed with renewable energy generation. Unlike chemical batteries which have a limited number of charging cycles during their life time, Chakratec’s kinetic battery, provides virtually limitless number of deep charge and discharge cycles over the full life time of 20 years. These unique attributes make the price per charge/discharge cycle disruptively low, making it the optimal solution for solar fields, wind farms and other application which require energy storage. The kinetic battery is also the only truly green solution with none of the hazardous safety and disposal issues associated with chemical battery solutions, therefore it enables a fully green energy ecosystem of solar, wind and storage.
“When we first met Chakratec a year ago, we were very intrigued with the innovation of its solution especially for a market like China. We believe that most of the Renewable Energy deployments worldwide, will be enhanced with storage within a decade. The highly strong and experienced founders, as well as seeing the achievements so far have convinced us to partner with Chakratec and support its go to market” said Mr. Chen Yu Jie, CEO of ZZRunner.
Chakratec will leverage this Series B funding mostly to complete its beta testing with actual potential customers in Israel, Europe and China, and move forward with its go to market penetration.
”From our initial roots as a Capital Nature incubated company, through our expansion with additional funds from Capital Nature and Israel G-Tek and now with ZZRunner, we have always sought out partners that both understand the Energy Storage space, as well as share our vision that Energy Storage is an integral component of the Renewable Energy infrastructure that is not fully or adequately served by existing Li-Ion batteries” says Ilan Ben-David, co-founder and CEO of Chakratec. “Adding ZZRunner, who actually come from that industry and is part of the Chinese ecosystem is exciting for us”, he adds.
Further information can be found at: www.chakratec.com
About Capital Nature:
Capital Nature is a leading investment firm focused on incubating, funding and accelerating early stage ventures, as well as applied academic research, in the Green Energy space. Capital Nature is the only group in Israel that is solely focused on Green Energy eco-system in Israel (renewables, storage, efficiency, EV, smart grid, etc.). Capital Nature portfolio companies benefit from the broad hands-on support of the Capital Nature team as well as its shareholders.
Further information can be found at www.capitalnature.com
About Israel G-Tek (www.ig-tek.com):
Israel G-Tek, LLC is a private equity fund that takes advantage of significant investment opportunities in the field of “Green” technologies (“Greentech”) with a special focus on Israel.
The Fund invests in early stage companies in the field of Greentech, including alternative energy, energy efficiency, water technologies as well as waste water solutions. These companies all have a significant environmental awareness and the put their efforts to find solutions to environmental problems.
Up to date Israel G-Tek has invested in eleven companies. These companies form a balanced portfolio of technologies and maturity levels that provide Israel G-Tek a definite advantage on the market.
Further information can be found at www-ig-tek.com
About Zhengzhou Runner Electric Co., Ltd. (ZZrunner):
Zhengzhou Runner Electric Co. (ZZRunner) founded in 2002, is a professional high-tech enterprise, engaged in R&D, production and sales of intelligent power distribution products, intelligent electrical products & energy monitoring products in China.
Further information can be found at www.runnerelec.com