A network of Wisconsin angel investors including Silicon Pastures , Lancaster Investments and Grey Collar Ventures invested $500,000 in Whitewater-based startup Blue Line Battery.
Blue Line Battery designs and manufacturers power systems for multiple markets including industrial, stationary, small electric vehicle and solar.
The company specifically focuses on manufacturing light-weight, rechargeable and portable lithium-ion batteries for forklifts, pallet jacks as well as other manufacturing processes involving automation and artificial intelligence.
The startup operates out of the Whitewater University Technology Park & Innovation Center. The company also has a 10,000 square-foot engineering lab in the same technology park.
Blue Line will use the capital to develop its intelligent battery management systems, hire more staff and continue to manufacture products for businesses that are considered “essential” under Wisconsin Gov. Tony Evers’ “safer-at-home” order, said Dustin Herte, Blue Line founder and chief executive officer.
“The ultimate goal of the technology is for us to be able to develop a system that reaches cost parity with lead-acid batteries,” Herte said.
Blue Line participated in the gBETA accelerator program, gener8tor’s seven-week accelerator program for early-stage companies with local roots. The company has plans to move back to Irontek, which is Beloit’s coworking space and tech hub.
“We believe strongly in this company’s potential, and because we’re familiar with the founder and his team via their experience in the gBETA program, we were willing to step up as the lead investor,” said Erin Clausen, investment manager at Irontek. “What’s most exciting is that Blue Line is moving to Beloit to grow the company. We will continue to do everything we can to see them succeed and create jobs.”
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