German battery maker Customcells has closed a Series A financing round for 60 million euros with investors that include VC World Fund, Abacon Capital, Vsquared Ventures and Porsche. The company plans to use the funds to expand activities in the electrification of air traffic, intensify R&D and further internationalize operations.
Customcells, a spin-off of research organization Fraunhofer, has been active for more than a decade in the development and production of lithium-ion battery cells. Plans call for more powerful battery cells for aviation use, leading to certifications by the European Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA).
“Customcells has the opportunity to enable the disruption of aviation and thus rapidly decarbonize the entire industry,” said Daria Saharova, World Fund cofounder.