OTC News Archive
ActaCell gets $1 million grant
By Lori Hawkins, Austin American-Statesman
November 10, 2009
Austin-based ActaCell, which was formed to commercialize some of The University of Texas’ lithium-ion battery research, has received a grant up to $1 million from the Texas Emerging Technology Fund.
The company will get an initial $250,000, with more money to follow as the company meets certain benchmarks.
The company previously raised $5.8 million from investors including Google.org, the philanthropic arm of Google Inc., and DFJ Mercury.
CEO Bill Ott said in a statement that the ETF funding, along with its previously raised money, “will allow us to continue to execute our business plan of expanding the technical and management ranks of the company, as well as completing a world class Li-Ion R&D facility.”
ActaCell is focused on the types of high-power lithium-ion batteries typically used in cordless power tools and various types of electricity-powered vehicles, including plug-in hybrids.