VionX Energy Corp., a U.S. battery maker formerly known as Premium Power Corp., raised about $58 million from 11 equity investors, according to a regulatory filing.
The company, based in North Reading, Massachusetts, is seeking approximately $63 million in the funding round, according to a U.S. Securities and Exchange Commission filing Wednesday.
Raising almost $60 million would be “massive” as venture capital funding “has largely dried up recently, with only a few exceptions,” said Brian Warshay, a New York-based analyst for Bloomberg New Energy Finance.
Doug Alderton, a VionX spokesman, didn’t immediately return a phone message seeking comment.
The global market for batteries is about $50 billion annually.