Sion Power Corporation, a Tucson, Arizona-based developer of lithium-sulfur (Li-S) batteries, has received a $50m equity investment from BASF.
With the transaction, BASF will take a “significant” financial stake in Sion.
This equity partnership expands upon an existing joint development agreement that BASF Future Business GmbH and Sion Power established in 2009 to accelerate the commercialization of Sion’s proprietary Li-S battery technology for electric and plug-in electric vehicles and other high-energy applications over the next decade.
Led by Chairman Dr. Leo Guthart, CEO Dr. Dennis Mangino, and Vice President Commercial Operations, John Kopera, Sion develops a new generation of high-energy, rechargeable lithium sulfur batteries for portable power and electric vehicle markets.
The company has more than 100 U.S. and international patents.
FinSMEs
12/01/2012