Cleveland, Ohio: May 1, 2020 – Octet Scientific has won a “B” Award from the Innovation Fund America to commercialize its proprietary chemical additives for rechargeable Zinc-based batteries.
Future technology needs batteries that are safer, cheaper, and more sustainable than today’s lithium and lead-based options. Zinc batteries have the potential to meet these needs, yet this veteran energy metal struggles to compete in long cycle battery applications because it suffers from several problems related to recharging. Octet Scientific, Inc. is developing proprietary new electrolyte additives, specialty chemicals that are added seamlessly to Zinc batteries in low amounts to instantly solve Zinc’s recharging problems. In 2019, the Innovation Fund awarded an “A” grant to Octet to prove its product in the lab and get first prototypes out to customers. Now, this “B” award from the Innovation Fund America Northeast Ohio will help support Octet while more customers around the country test its proprietary chemical products in the batteries of tomorrow. According to CEO Onas Bolton, “The Innovation Fund was here for Octet a year ago and without their support I am not sure our first samples would have made it out the door. Now, as we are getting positive feedback from those first customers, the Innovation Fund is here again for us with the support we will need to continue commercializing our products and building a business that will help Cleveland and North East Ohio make a critical impact on the future of energy storage.”
Innovation Fund Northeast Ohio was founded by the Lorain County Community College Foundation in 2007 to fill the capital needs of Northeast Ohio startups at the earliest stage of development. It is the most active pre-seed fund for technology startups in the region and uses Ohio Third Frontier proceeds as its source of funding. To learn more about Octet’s work, contact us at: email@example.com
Innovation Fund America is a nonprofit partnering with community colleges to accelerate the growth of technology startups through early-stage funding and education. Community colleges are ideal environments for innovation and entrepreneurship. We help colleges leverage their mission, partnerships, and capacity to launch Innovation Funds. These funds provide entrepreneurs the capital, mentoring and education they need to launch and grow new companies, all while inspiring the next generation of innovators. We don’t take any equity, so our money is entrepreneur friendly. And we’re based at community colleges, so our approach is all about entrepreneur education. We fund technology startups led by entrepreneurs who want to create jobs in their communities and inspire the next generation of entrepreneurs. We only have one goal: to help startups succeed. That’s why we work the way we do.