Ion Storage Systems, a Beltsville, MD-based maker of high energy density, solid state lithium metal batteries, held the initial closing of its $30m Series A funding.
The round, expected to close by the end of Q1 2022, was led by Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners. As part of the financing, Todd Crescenzo, Founder and Managing Partner at Clear Creek Investments, and Joseph Goodman, PhD, Co-Founder and Managing Partner at VoLo Earth Ventures will join ION’s board of directors.
The company intends to use the funds to commission and qualify a battery cell manufacturing line at its Beltsville, MD headquarters capable of producing 10MWh/yr of its safe, energy dense and versatile solid state batteries. Production will initially be allocated to qualifying commercial cells for its Aerospace and Defense customers, generating revenue by the end of 2023. The Series A round will also accelerate the development projects ION has signed with multiple electric vehicle manufacturers, defense contractors, and consumer electronics companies.
Led by Ricky Hanna, CEO, and Eric Wachsman, Founder and Executive Chair, Ion Storage Systems creates high energy density, solid state lithium metal batteries that aim to be safer, lighter and enable form factors with tighter packing density that enhance system performance.
FinSMEs
09/02/2022