International Battery (IB) has secured up to $25 million of financing from Digital Power Capital, an affiliate of Wexford Capital LLC, a Greenwich, CT-based investment advisor that manages a series of affiliated private equity and hedge funds. This funding will allow the Company to complete its large-format lithium-ion manufacturing facility in Allentown, Pennsylvania; advance product development; and proceed to implement its business plan.
International Battery’s new Allentown facility will produce large-format lithium ion rechargeable cells and batteries for use in hybrid electric, plug-in hybrid electric and extended range electric vehicles. International Battery continues to expand its military battery business applying its Generation II Battery Management System technology to military, industrial and vehicle applications.
International Battery offers both lithium iron phosphate and lithium cobalt oxide cells.