Lithium Balance raised $3M in strategic investment from the US-based Sensata Technologies.
Lithium Balance, a Copenhagen (Smørum), Denmark-based manufacturer of Lithium Ion battery technology, announced getting into a strategic investment agreement with the American company Sensata Technologies.
The agreement includes a capital infusion and a secondary transaction with other Lithium Balance investors, getting Sensata's control of shares to 24%.
The deal involves an initial investment of DKK 3M capital in Lithium Balance, and a further DKK 18M more in January 2020 for a total investment of DKK 21M ($3M). Sensata also buys Lithium Balance shares from the Danish holding company DS 7 ApS.
Lithium Balance, led by CEO Lars Barkler, was founded in 2006 with the specific purpose of developing the first really effective Battery Management System (BMS) for Lithium Ion batteries. The company is both known for supplying battery management systems for electric cars and machines, and for the production of energy storage systems for PV systems and to regulate the electricity grid.
Other investors in the company include ØRSTED, Zenlead (China) and CEO Lars Barkler.