Sion Power, a Tucson, AZ-based technology developer of batteries for electric vehicles (EV), raised $75M in Series A funding.
The round was led by LG Energy Solution with participation from Jim Simons’ Euclidean Capital, and Eric Schmidt’s Hillspire LLC. New board members include experienced automotive executive Stefan Jacoby, Stanford professor, entrepreneur and Managing Partner at Innovation Endeavors, Scott Brady, Robert McIntyre, Managing Director of LG Technology Ventures, and Hansol Kim, Managing Partner of Bricks Capital Management.
The company intends to use the funds to achieve technical and market validation of its technology.
Led by CEO Tracy Kelley, Sion Power is the developer of LicerionTM technology, which uses compression in a lithium metal battery to enhance safety, lifetime and recharging rates. Licerion® is an advanced approach to lithium-metal batteries containing twice the energy in the same size and weight battery, compared to a traditional lithium-ion battery. It has been demonstrated in large energy capacity battery cells (up to 20Ah) and it is currently in development to reach 56Ah.
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.
FinSMEs
24/01/2024