GEYSER BATTERIES COMPLETES OVER 1M€ BRIDGE ROUND
Geyser Batteries has completed over 1M€ bridge financing round together with the existing investors and Tesi
June 03, 2021 14:00 EET
Helsinki, Finland – Geyser Batteries Oy, a Finnish cleantech company, has completed a bridge financing round of 1,1 M€ with pro-rata participation by all the existing investors and joined by Tesi (Finnish Industry Investment Ltd.). The round was led by so far the largest existing institutional investor in the company: Butterfly Venture Fund III Ky.
The funding will be used mainly to strengthen the company’s product development and manufacturing capabilities and will contribute towards the establishment of the recently announced pilot production and R&D facilities in Mikkeli, Finland.
“We would like to warmly thank both Tesi and our existing investors for their continuous support, and the trust they put in our team and the Geyser Batteries’ technology. The investment provides our company with a firm foundation for continuous development towards a leading position in the global energy storage market in line with sustainability criteria outlined by the EU Battery Regulation and ambitious goals set by the Finnish National Battery Strategy”, comments Andrey Shigaev, CEO of Geyser Batteries.
The convertible loan granted by Tesi is a part of Tesi’s Venture Bridge special investment program.
Anu Rousku, Business Development and General Administration Manager
Maria 01, Lapinlahdenkatu 16
00180 Helsinki, Finland
Tel. +358 44 0621 089
Samppa Sirviö, Investment Manager, Tesi
Tel. +358 50 518 60 63
About Geyser Batteries
Geyser Batteries Oy develops and manufactures a new class of high-power, water-based, non-lithium batteries, which are capable of over one million of fast charging cycles even at ultra-low ambient temperatures. Thanks to the use of aqueous electrolytes and novel electrochemistry, Geyser Batteries’ products have low carbon footprint, are fully fire-safe, and competitively priced.
The company was incorporated in 2018 and employs a diverse team of entrepreneurs, engineers, and sales professionals with more than 25 years of experience in the research, development, and manufacturing of specialty aqueous energy storage solutions.
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.9 billion euros.