Energy storage solutions developer company Chakratec has raised $2 million in a Series B funding round from China based investor ZZRunner. Lod-based Chakratec, established in 2013, brings to the energy market a patented kinetic battery energy storage solution based on an innovative flywheel concept.
Chakratec will leverage the funding to complete its beta testing with actual potential customers in Israel, Europe and China, and move forward with its go to market penetration. The company is accelerating its development and sales activities and is looking for partners and pilot projects in Europe.
ZZRunner CEO Chen Yu Jie said, "When we first met Chakratec a year ago, we were very intrigued with the innovation of its solution especially for a market like China. We believe that most of the Renewable Energy deployments worldwide, will be enhanced with storage within a decade."
Chakratec co-founder and CEO Ilan Ben-David said, "From our initial roots as a Capital Nature incubated company, through our expansion with additional funds from Capital Nature and Israel G-Tek and now with ZZRunner, we have always sought out partners that both understand the Energy Storage space, as well as share our vision that Energy Storage is an integral component of the Renewable Energy infrastructure that is not fully or adequately served by existing Li-Ion batteries. Adding ZZRunner, who actually come from that industry and is part of the Chinese ecosystem is exciting for us."
Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015