COnovate Inc.

Toward a better lithium-ion battery

Products: Founded in 2016, COnovate makes a new, carbon-based material for lithium-ion batteries. Compared to graphite, which has been used in such batteries for more than 40 years, COnovate’s COphite™ material offers faster charging, higher capacity and better safety. The company is targeting its revolutionary technology toward the lithium-ion batteries in power tools, electric bikes and drones, and hopes eventually to get it into electric cars as well.

Location: Milwaukee

Employees: Five full-time and three part-time employees in Wisconsin, as of 2021 year-end

Wisconsin expansion: Along with funding from government entities such as the U.S. Department of Energy and the National Science Foundation, COnovate has relied heavily upon $1.5 million in angel investors’ funding as it has developed its products and grown as a company since 2016.

Wisconsin business environment benefits: COnovate has taken part in Wisconsin’s Qualified New Business Venture Program, which makes it easier for certified companies to attract funding by offering tax credits to investors in those companies. “Wisconsin-based groups have been very interested in whether we have QNBV certification,” says COnovate founder Carol Hirschmugl. “It’s definitely perceived as an excellent thing, and it’s definitely a positive for those investors.”