Wauwatosa-based COnovate has received a two-year, $1.25 million U.S. Department of Energy contract to help fund battery development that isn’t dependent on raw materials from China, according to a report in the Milwaukee Journal Sentinel.
The agreement calls on COnovate to increase domestic production of its eCOphite anode material, which is an alternative to graphite-based anodes in lithium-ion batteries that power products such as cell phones and electric vehicles.
Craig Rigby, president and CEO of COnovate, said the contract will help build the domestic supply chain by producing the material at commercial scale.
The company also seeks to raise $10 million in capital next year to help fund its operations.
