TeraWatt Technology completes Pre-C funding round to accelerate the large-scale pilot-production of its next-generation lithium-ion batteries

MILPITAS, Calif., June 5, 2023 /PRNewswire/ -- TeraWatt Technology Inc., a next-generation battery producer has announced the completion of another financing round prior to Series C ("Pre-C") with new participation by Development Bank of Japan, INPEX Corporation, JIC Venture Growth Investments, Rakuten Capital, Mori Trust, GLIN Impact Capital, and several other individual investors. Investors from Series B, including Temasek, Khosla Ventures, and JAFCO participated again in this round.

Through the existing pilot manufacturing, TeraWatt has been producing 5 to 8Ah commercial-grade cells, which have successfully passed safety testing requirements at third-parties such as UN38.3 and IEC62133-2. The investment will strengthen pilot-product line-ups for larger applications and newly launch a large-scale pilot-production facility to validate logistics, productivity, and quality control toward mass production, elevating integrity of the batteries to a more commercially-viable phase.

"We are thrilled to announce the completion of Pre-C funding round to bring our development to a next step with quality and quantity." said TeraWatt Technology founder CEO Ken Ogata, Ph.D., "In addition to our existing international investors, we are delighted to have the participation of many outstanding Japanese investors."

Major investors in this round (in alphabetical order):

• Development Bank of Japan
• GLIN Impact Capital Limited Partnership
• INPEX Corporation
• JAFCO Group Co., Ltd.
• JIC Venture Growth Investments Co., Ltd.
• Khosla Ventures
• MORI TRUST CO., LTD.
• Rakuten Capital
• Temasek

About TeraWatt Technology Inc.

TeraWatt Technology Inc. is a California-based company that produces lightweight, high-power, and safe next-generation lithium-ion batteries. Its subsidiary operates in Japan with the support of  Organization for Small & Medium Enterprises and Regional Innovation.

SOURCE TeraWatt Technology Inc.