Battery R&D Firm Receives $10 Million in Funding

Firefly Energy, a spin-off of Caterpillar, has completed a $10 million Series B equity round of financing. The company is developing a carbon-graphite foam lead-acid battery for commercial and military uses.

Participating in this equity round is new investor Stark Investments, LP, as well as existing investors Caterpillar, KB Partners, the Illinois Finance Authority and the Tri-County Venture Capital Fund.

Firefly Energy will use its new capital to accelerate product development, expand existing lab facilities, implement manufacturing partnerships, advance product awareness in new markets, and continue the support of commercial and military customers.