Sion Energy, a developer of next-generation batteries for electrical autos, has secured $75 million in Collection A funding. The spherical was led by battery producer LG Vitality Resolution and included participation from Euclidean Capital and Hillspire.
Sion Energy’s Licerion know-how makes use of compression in a lithium metallic battery to enhance security, lifespan and charging pace. Sion has efficiently demonstrated Licerion in high-capacity battery cells (as much as 20 Ah), and the system is presently in improvement to succeed in 56 Ah.
Licerion batteries are broadly produced in massive format cells that present particular vitality as much as 500 Wh/kg.
Sion Energy says it’ll use the brand new capital to realize technical and market validation of its know-how. The corporate plans to construct a completely automated manufacturing line for the manufacturing of large-format lithium metallic cells for testing and market improvement by automotive OEMs and cell producers.
“Licerion instantly addresses the nervousness shoppers really feel when discovering chargers by delivering as much as twice the vitality of standard lithium-ion cells,” stated Tracy Kelley, CEO of Sion Energy. “The help from our traders is a testomony to the maturity of our know-how and the worth of our strategy to enabling lithium metallic cells.”
“We invested in Sion Energy as a result of its sturdy IP portfolio is essential to enabling lithium metallic know-how on a business foundation. The know-how is superior to a standard battery, with a scalable manufacturing course of that gives a sooner and cheaper answer,” stated Jim Simons, Chairman of Euclidean Capital.
Supply: Sion Energy