CENS Materials, a Portfolio Company of INCUBIT, Elbit Systems' Deep-tech Incubator, Raises $1.5 Million

BEER SHEVA, Israel, June 24, 2020 /PRNewswire/ -- CENS Materials, a portfolio company of Incubit Ventures completed an investment round of $1.5 million, led by the UK based investor Vincent Tchenguiz (Consensus Group), a prominent foreign investor in Israeli hi-tech. The company was established at Incubit, Elbit Systems' technological incubator, investing in early stage, deep-tech startups.

CENS develops a proprietary, industrial process, that significantly increases the battery's energy capacity and cuts the charging time, both are critical elements for electric vehicles (EV), drones, and other devices powered by batteries. CENS' solution is based on carbon nanotubes (CNT), whose contribution to electrical conductivity is well known, but to date, no one has succeeded to implement this material into batteries without significantly increasing the cost.

CENS solution is a powder in/powder out process, therefore it does not affect the existing production line and does not require infrastructure modifications. It is based on the common Li-Ion technology with an addition of one industrial step in the process. Furthermore, this solution can cause cobalt to be a redundant component in the battery, which might have a huge impact on cost and environment.

CENS' CEO and founder, Michael Bromfman, an expert in Nanotechnology, noted: "The investment will serve us to establish a semi-industrial plant capable of manufacturing premium batteries with an enhanced capacity that will be supplied to top OEMs and Tier 1 in the EV industry. Our unique, deep research based technology, has the potential to disrupt the market and remove the bottleneck in the EV industry ? the battery performance and cost."

About Incubit

Incubit, Elbit Systems' Technological Incubator, is an Israel-based incubator, franchised by Israel Innovation Authority, committed to investing in deep technology: unique, differentiated, protected or hard to reproduce, based on technological or scientific advances. It helps entrepreneurs of deep technology navigate the journey from concept through POC and into product launching and business success.

About Vincent Tchenguiz (Consensus Group)

Consensus Group (CBG) is an investment company with portfolio in areas such as pharma, biotech, med-tech, cleantech, real estate and more. The company has an investment portfolio of $ 600 million worldwide, mostly in life sciences, cyber, and technologies that cope with climate change challenges.

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SOURCE CENS Materials