14 Oct 2020
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News
Nuveen’s Global Impact strategy leads financing round for Advanced Battery Concepts
Investment is part of strategy to improve resource efficiency.
Nuveen, the $1 trillion global investment manager of TIAA with five decades of experience in responsible investing, has led a Series B growth equity round in Advanced Battery Concepts LLC (ABC). ABC develops and licenses technology related to bipolar lead-acid battery architecture.
The investment was the first from the Nuveen Global Impact strategy, which will make direct investments globally in high growth companies that seek to address climate change and contribute to inclusive growth. The strategy represents the most recent extension of Nuveen’s historical private impact investing efforts, through which more than $1 billion has been deployed over the past decade. The investment in ABC supports the strategies focus on companies that improve resource efficiency.
“If we are to tackle global sustainability challenges like climate change, we need to learn to live within our means. ABC’s technology improves the performance, cost, and resource intensity of lead-acid batteries while preserving full recyclability,” said David Haddad, Co-Head of Nuveen Private Impact Investing. “We believe high-performing lead-acid batteries will continue to play an important role as electrification continues globally.”
“We are delighted to have gained support from a global investor like Nuveen. Its impact expertise and network will be critical for our next stage of growth, helping us build relationships in new markets and geographies,” said Dr. Edward Shaffer, Founder and CEO of Advanced Battery Concepts. “We look forward to working together to support the world’s energy storage needs.”
Nuveen, the $1 trillion global investment manager of TIAA with five decades of experience in responsible investing, has led a Series B growth equity round in Advanced Battery Concepts LLC (ABC). ABC develops and licenses technology related to bipolar lead-acid battery architecture.
The investment was the first from the Nuveen Global Impact strategy, which will make direct investments globally in high growth companies that seek to address climate change and contribute to inclusive growth. The strategy represents the most recent extension of Nuveen’s historical private impact investing efforts, through which more than $1 billion has been deployed over the past decade. The investment in ABC supports the strategies focus on companies that improve resource efficiency.
“If we are to tackle global sustainability challenges like climate change, we need to learn to live within our means. ABC’s technology improves the performance, cost, and resource intensity of lead-acid batteries while preserving full recyclability,” said David Haddad, Co-Head of Nuveen Private Impact Investing. “We believe high-performing lead-acid batteries will continue to play an important role as electrification continues globally.”
“We are delighted to have gained support from a global investor like Nuveen. Its impact expertise and network will be critical for our next stage of growth, helping us build relationships in new markets and geographies,” said Dr. Edward Shaffer, Founder and CEO of Advanced Battery Concepts. “We look forward to working together to support the world’s energy storage needs.”
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