EV battery technology developer Sion Power Corporation announced today that it has raised $75 million in a Series A funding round, with proceeds aimed at supporting the commercialization of its proprietary next generation technology for electric vehicles.
Sion Power will use the funds to achieve technical and market validation of its technology. The company plans to build a fully automated manufacturing line to produce high quality large format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.
Tucson, Arizona-based focuses on the development of state of the art storage systems addressing the needs of automotive and aerospace markets. The company developed Licerion lithium metal technology, which uses compression in a lithium metal battery to enhance safety, lifetime and recharging rates. Licerion has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and it is currently in development to reach 56Ah.
Tracy Kelley, Sion Power’s CEO said:
“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because Licerion directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells.”
The round was led by global battery manufacturer LG Energy Solution and included repeat participation Euclidean Capital, in addition to new investment from former Google CEO, Eric Schmidt’s Hillspire LLC.
LG Energy Solution said that it decided to invest in Sion Power to preemptively secure competitive next-generation battery technologies and enhance its market leadership. The investment may lead to subsequent technological partnerships with Sion Power, upon separate agreements between the two parties.
An LG Energy Solution spokesperson said:
“This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry. We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”