When Carol Hirschmugl and Marija Gajdardziska-Josifovska discovered a new material in 2010 while working for the University of Wisconsin-Milwaukee, it was a fraction of the size of the end of a single hair.

Since founding a company in 2016 to commercialize that discovery into a new material that could enable safer, faster-charging and higher-capacity lithium-ion batteries, their focus has been scaling up production of the novel material, called COphite.

Today, the company — COnovate Inc. — can make around a cup of the powdered material per day, CEO Hirschmugl said. The company on Thursday said it has raised nearly $1 million from investors to finance further production scale so it can demonstrate the material’s effectiveness to potential customers.

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