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Exclusive: Acculon pursuing up to $50M for industrial batteries

an illustration of an industrial battery surrounded by shapes and cutouts of money

Illustration: Tiffany Herring/Axios

Acculon Energy is pursuing a $30 million to $50 million Series B to open a U.S. lithium-ion battery systems factory to supply forklifts, scissor lifts and other factory machines.

Why it matters: Acculon's ambition shows that the company aims to capture the kind of investor interest for small industrial vehicle batteries that has been directed at electric cars and trucks during the past few years.

State of play: Acculon started as an energy services provider but is expanding into manufacturing.

  • It plans to buy battery cells from suppliers and assemble them into modules and packs for vehicles like forklifts and tractors, as well as some aerospace and military equipment.

Driving the news: Acculon this month disclosed an $8 million investment from previous funder Terex, a Connecticut manufacturer whose brands include Genie scissor lifts.

  • Acculon is now in late-stage talks with additional investors to raise a $30 million to $50 million Series B round, chief technology officer BJ Yurkovich tells Axios.

Context: Electric forklifts and similar equipment exist. But they're generally powered by lead-acid batteries, which can be more expensive and less efficient than lithium-ion.

  • Meanwhile, shipping battery packs from overseas can be prohibitively expensive due to their weight as well as safety concerns from fires.

What's next: Acculon says the planned factory will have 2 GWh of initial annual production capacity.

  • The company is buying manufacturing lines from Pia Automation in Indiana. It plans to ultimately open the plant in Indiana, Kentucky, Ohio or Michigan.
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