ELECTRIC Appliances, the maker of the Chigo, a battery-powered electric appliance, has announced that it has raised $15 million in a Series A round.
The company has already raised about $16 million, led by $5 million from Chinese investor Zhejiang Ningshan, and has plans to double that to $20 million in the next 12 months.
In its announcement, Chigo said it would be using the funds to build an office and retail shop in Auckland and expand its service offerings in New Zealand.
The announcement comes after the company said in May it was investing $4 million in its Auckland headquarters.
Chigo’s business is based on its technology, which uses a battery to generate electricity from a small inverter.
The batteries run for up to a year and then are drained, allowing electricity to be sent to the consumer.
The firm also said that its customers pay a monthly service fee for the energy generated by the inverter, which can run for several years.
Chiga’s new capital comes on top of the $20.5 million raised last year by New Zealand stock exchange-listed company MobiKwik.
MobiKwiki shares were trading at $5.99 a share at press time.