German company Instagrid, which specializes in manufacturing portable batteries, has managed to raise $95 million from investors in a funding round.
Investors include the Ontario Teachers' Pension Plan and a Morgan Stanley fund. The company is now valued at more than $400 million, according to sources familiar with the matter.
Instagrid plans to use the proceeds to expand into North America, according to an announcement made Tuesday. The Stuttgart-based company offers to sell or rent its portable battery systems for use in industries such as manufacturing and film production.
Read more: Harvard: Production of batteries for electric vehicles that charge in 10 minutes
He points out that these are a completely clean alternative to generators that run on fossil fuels.
Teachers ' Venture Growth, part of the Ontario Pension Plan, and Morgan Stanley's 1GT climate fund led the Series C funding round, the company said. An Instagrid spokesperson declined to comment on the valuation.
Instagrid's flagship product, also known as ONE, stores electrical energy to run machinery, such as welding equipment or pumps, according to the company.
Source: bnnbloomberg
