Investment from ICIG Ventures and BOLD Ventures supports transformative electrolyte chemistry solutions for the poised-to-be $120B grid storage market.
March 25, 2025 – Octet Scientific, Inc., a leading maker of specialty chemicals for safe, sustainable batteries, has successfully completed its latest fundraising round. The round’s total investment closes at $2.1 million, from institutional investors: ICIG Ventures, the Venture capital investments unit of International Chemical Investors Group (ICIG); and BOLD Ventures, a regionally focused qualifying venture capital fund, and private investors led by Brian Gale, also an investor in the company’s Pre-Seed round.
Octet will use the funds to scale up and advance its electrolyte solutions for non-lithium grid and stationary batteries.
Building on Lithium-Alternative Success
Since its 2017 founding, Octet has designed electrolyte additives that make non-lithium batteries better-performing and simpler to produce – with results including 20% capacity increase, 10% efficiency increase, and doubled operating life. Initially focused on the Zinc-based batteries market, Octet is now bringing its offerings and methodologies to the full range of water-based, non-lithium grid and stationary battery firms.
“These partnerships will be crucial to moving fast on our mission of becoming the go-to electrolyte partner for the alternative grid-scale storage sector,” explained Onas Bolton, Founder and CEO, Octet Scientific. “I want to thank the teams at both ICIG Ventures and BOLD Ventures for joining Octet in this exciting new step.”
“Grid energy storage is slated to grow exponentially in the coming years – and with incumbent technologies nearing technical maturity, innovation in emerging new battery technologies is poised to increase dramatically,” Pelin Yilmaz, Investment Director at ICIG Ventures, explained at the initial announcement of ICIG Ventures’ investment. “Octet’s proven, easily-deployed, and wholly unique electrolyte specialty chemistry positions the company to become a critical go-to provider supporting that rapid growth. We’re thrilled to partner with Octet in this important work.”
“BOLD believes that batteries are a crucial feature in US energy independence and grid resilience,” added Danielle Blount, Partner, BOLD Ventures, at the earlier announcement of her own firm’s participation. “Octet, with proven solutions for lithium-alternative chemistries based on abundant materials and stable supply chains, stands to be a key player in that fast-growing energy ecosystem. We’re thrilled to have this Ohio-based company as our partner.”
Existing Tailwinds
Prior Octet investments include a $1M seed round from JumpStart Ventures and the Advanced Manufacturing Fund, along with $1.6 million in federal grant money from the National Science Foundation, U.S. Department of Energy, and Department of Defense.
Per McKinsey estimates, the market for grid and stationary energy storage is expected to reach at least $120 billion by 2030 at an annual growth rate of 29%.
About the Companies
About Octet
Octet Scientific, Inc. is ensuring that tomorrow’s best batteries have their best electrolyte inside. Our OctoLyte® additive chemicals give batteries the high performance they need for higher capacity, better efficiency and longer cycle life in the future’s most demanding applications like grid storage, backup power and anywhere safe and high-performing energy storage is needed. Since 2017, Octet has been the electrolyte experts, creating new additives specifically to bring optimum performance to water-based batteries on the grid and in our businesses and homes. For more information visit www.octetsci.com.
About ICIG
International Chemical Investors Group is a privately owned industrial group with a total turnover of more than €4 billion. ICIG focuses on several main platforms: Fine Chemicals under the WeylChem brand, Care Chemicals (Catexel), Chlorovinyls (Vynova), Compounds (Benvic), Hydrocarbons & Solvents (HCS Group), Superabsorbents (Stockhausen Superabsorber) and Enterprises with specialized businesses in industrial drying services, fermentation products, viscose filaments, activated carbon and wood protection chemicals. Today, the ICIG companies employ more than 7,800 people and operate more than 50 production sites in Europe, the U.S and India.
About BOLD Ventures
BOLD Ventures is a regionally-focused qualifying venture capital fund, that is focused on investing in innovative technology that better the lives of individuals, enhance business outcomes, and improve society, led by diverse founders and teams. BOLD Ventures is partnered with BOLDER, Inc., a 501(c)(3) focused on supporting wellness initiatives for mental, physical, and financial health for startups and small businesses nationwide. With an acute focus on women, diverse, and veteran founders in low-to-moderate socioeconomic areas, we aim to provide resources and tools to founders to focus on themselves and their well-being so that they can focus on growing their businesses and maximizing returns for their investors. Learn more at BeBOLD.vc.