IFC, a member of the World Bank group, is investing $7 million in the climate-smart battery maker Fluidic. The move is expected to help improve the reliability of cell phone networks in developing countries worldwide, according to the organization.
Fluidic Energy’s rechargeable metal-air battery system provides low-cost backup power to cellular towers connected to unreliable electricity grids. The company has already deployed this technology in countries such as Indonesia.
IFC’s equity investment will provide capital to help Fluidic in its further expansion into Asia and Latin America.
IFC has invested $10.5 billion since 2005 to support energy efficiency, renewable energy and better water and waste management in emerging markets, including $2.5 billion last year alone.
Headquartered in Scottsdale, Arizona, Fluidic Energy is a privately held provider of energy storage solutions with significant operations in Southeast Asia.