CLEVELAND--(BUSINESS WIRE)--Octet Scientific, Inc., a Cleveland-based developer and future manufacturer of specialty chemicals for sustainable batteries, has received an investment from the Gale Family Office to continue its work formulating safe, sustainable energy and boosting Cleveland’s role in the clean energy future.
Octet is the world’s first developer of specialty chemicals for zinc-based batteries, an inexpensive, nontoxic, and sustainable alternative to lithium-ion and lead-acid. Zinc batteries are emerging in a variety of applications including backup power for data centers and grid storage to support renewable energy, and Octet’s proprietary chemicals will play a critical role in the continuing improvement of these promising young technologies.
While the company was previously awarded nearly $600,000 in state and federal grant funding, the Gale Family is the company’s first private investor.
“Octet is already a leading voice on electrolyte development,” said Brian Gale. “With new funding sources, they will be able to further their work with manufacturers to optimize batteries, increase efficiency, extend operating lifetimes and boost capacity.”
The new funds will support Octet’s scale-up activities through 2022 as it executes roll out of its first product. Currently, Octet’s proprietary chemical products are being tested at battery manufacturers in the US, Canada, Japan, Europe and Australia.
“As the world seeks more efficient and sustainable methods of large-scale energy storage, battery markets are poised to grow by well over 20% annually,” said founder and CEO Onas Bolton. “There is huge potential, and performance, cost, safety, longevity and material availability will be critical differentiators.”
About Octet
Octet Scientific, Inc. is ensuring that tomorrow’s cleanest energy is stored in the world’s cleanest batteries. Our OctoLyteTM electrolyte chemicals give safe, sustainable zinc-based batteries the high performance they need for devices, backup power, and on the grid. The world’s first company dedicated to optimizing zinc battery chemistry, Octet was founded in 2017 in Cleveland, OH and has won the support of the National Science Foundation and the State of Ohio. For more information visit www.octetsci.com or contact Onas Bolton at onas.bolton@octetsci.com.
#EnergyStorage #Batteries #Sustainability
