International Battery Company (IBC), which makes rechargeable lithium-ion batteries, said on Thursday it has raised $35 million in a funding round led by RTP Global and attended by Beenext, Veda VC, and strategic Korean and US investors.
IBC said it will use part of the investment to set up a 50 megawatt hour (Mwh) plant in Bengaluru that will make batteries for the Indian market. The company said that its prismatic Li-ion NMC batteries meet the region’s requirements of safety in high temperatures and fast charging. The batteries have an extended lifecycle, with a 7- to 10-year warranty.
