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Battery startup raises $30 million and readies new factory

Courtesy of Romeo Power

Romeo Power, a 2-year-old startup, has raised $30 million in seed funding to build what it says are better custom lithium ion battery packs. The company will also open its new factory in Southern California by the end of the year.

Why it matters: Batteries are becoming increasingly critical with the rise of electric cars and the development of new technologies like drones and vertical take-off and landing vehicles. Batteries can also help with managing energy in commercial and residential buildings, and can even help people in areas with lower access to electricity.