CLEVELAND, April 25, 2023 — The Advanced Manufacturing Fund (AMF), driven by JumpStart Ventures with assistance from MAGNET, spearheaded the seed-stage fundraising round for Octet Scientific, Inc., a Cleveland-based manufacturer of specialty chemicals for secure, long-lasting batteries. The AMF makes early-stage investments in businesses involved in manufacturing and physical goods.
Octet is the first company in the world to create specialty chemicals for zinc-based batteries, an affordable, nontoxic, and environmentally friendly replacement for lithium-ion and lead-acid batteries. Zinc batteries are being used in a wide range of applications, such as grid storage for renewable energy and backup power for data centers. Octet’s patented chemicals will be essential to the ongoing development of these exciting new technologies.
According to creator and CEO Onas Bolton, “Zinc batteries have enormous potential, and we have the chemicals to get the most out of them.” We are in a solid position to dominate this new market with Octet, and this money gives us much-needed momentum.
The financing will help Octet expand its current prototypes and create new ones for more significant markets. Octet has already earned a $1.45 million federal grant from the National Science Foundation SBIR Programme.
Andrea Navratil, Director of New Ventures at MAGNET, said, “We’ve had the pleasure of engaging with Octet as they’ve grown and developed their product to this stage.” The AMF was excited to be an early-stage investor because it quickly recognized the value this technology might bring to sustainability initiatives in the alternative energy sector.
Through 2024, the money will support Octet’s non-grant activities as it scales up its first significant product line. Currently, battery makers in the US purchase and test a small quantity of Octet’s unique chemical components.
The battery industry is experiencing a period of opportunity, according to JumpStart Ventures Managing Partner Hardik Desai. “Octet has established itself as the market leader for specialty chemicals in a developing industry with enormous potential. The company may keep that position as it grows, thanks to this funding.
Octet Scientific, Inc. is developing the cleanest batteries in the world to store the purest energy of the future. Zinc-based batteries with our OctoLyteTM electrolyte chemicals deliver the high performance required for devices, backup power, and grid use. Octet, the first business in the world devoted to improving the chemistry of zinc batteries, was established in 2017 in Cleveland, Ohio, and has received funding from both the State of Ohio and the National Science Foundation.
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