TeraWatt Technology Completes Series C Final Close – Accelerating Next-Generation Battery Deployment Through Strategic Partnerships with Business Operators

TeraWatt Technology Inc. (Headquarters: California, USA) has completed its Series C funding round, finalizing its fundraising efforts. In addition to existing investors who participated in the 1st close, including Khosla Ventures, Temasek, JIC Venture Growth Investments, Japan Bank for International Cooperation (JBIC), Green Innovation & Investment Fund (GXIS), and G. K. Goh Ventures, the final close saw new participation from the Japan Green Future Investment Corporation (JICN), Kyuden International Corporation ('Kyuden International'), JERA Inc. ('JERA'), and Itochu Technology Ventures Inc. ('Itochu Technology Ventures').

 

A key characteristic of this round is securing investment not only from financial investors but also from business operators in the energy and power sectors. By establishing a foundation for collaboration aimed at synergy with power infrastructure and energy services, beyond just improving battery performance and establishing mass production systems, we will comprehensively promote the market introduction and societal implementation of our next-generation batteries.

 

With Kyuden International and JERA, we have entered into capital and business alliances in addition to investment. With Kyuden International, we aim to jointly consider battery storage business leveraging the Kyuden Group's expertise and expand globally. With JERA, we will promote collaboration across the entire battery value chain, including stable supply of grid-scale batteries and commercialization of energy services.

 

Leveraging the funds raised in this round, we will make additional capital investments in our initial mass production factory, thereby incrementally increasing production capacity. Through collaboration with business operators, we will pursue further growth in both mass production systems and market development.

 

[Funding Overview]

List of investors in this round (final close, in Japanese alphabetical order):

・ Itochu Technology Ventures

・ Kyuden International ★

・ Japan Bank for International Cooperation (JBIC)

・ Khosla Ventures

・ G. K. Goh Ventures

・ Green Innovation & Investment Fund (GXIS)

・ JERA ★

・ JIC Venture Growth Investments

・ Japan Green Future Investment Corporation (JICN)

・ Temasek

(★ Capital and Business Alliance)

 

Purpose of funding:

・ Capital investment funds for the expansion of the initial mass production factory

 

[Comment from Ken Ogata, Co-founder & CEO]

I am extremely pleased to have completed the final closing of our Series C round. In this round, we have been able to welcome new participants from leading business operators in the energy and power sectors, in addition to the continued support from our existing investors who are leaders in the next-generation battery field.

Amidst rising international geopolitical risks, including in the Middle East, balancing energy security and decarbonization has become an unprecedentedly critical challenge. Next-generation storage batteries not only support the stable utilization of renewable energy but are also rapidly increasing in strategic importance as a foundation for national security, including defense and infrastructure resilience.

In this environment, achieving capital and business alliances with energy providers, including power companies, holds immense significance for our company. By engaging in value creation across the entire value chain, from battery manufacturing to grid-scale battery operations and integration with clean energy supply, we are steadily establishing a system that can drive 'creation' to 'delivery' consistently.

We will fuse our next-generation battery technology with the energy business expertise and infrastructure of our partners to reliably deliver batteries that are truly needed by society.

 

[About TeraWatt Technology]

Headquartered in California, USA, our Japanese subsidiary develops and manufactures next-generation lithium-ion batteries compatible with a wide range of applications, including drones and other unmanned aerial vehicles, various mobility options such as electric vehicles, and stationary battery storage.