Blue Line Battery Inc., a Beloit-based startup that engineers modular lithium-ion batteries for industrial equipment, has raised $3.1 million in seed financing to support growth it says could amount to a billion-dollar valuation in as little as 24 months, the company said Thursday.
The startup’s contract manufacturing partner, MCL Industries Inc. of Pulaski, led the seed financing round, Blue Line Battery head of growth Phil Fonfara said. Blue Line previously did its manufacturing in-house but transitioned that work to MCL last year in order to help scale its operations.
With 80 to 100 end customers ranging from a major consumer goods conglomerate to a well-known luxury vehicle brand, Blue Line Battery has had record sales in terms of orders received in five out of the last six months, Fonfara said. It closed out 2021 with seven-figure gross annual revenue and is on track to hit at least $10 million this year based on current purchase orders received, Fonfara said.