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Sion Power, a developer of next-generation batteries for EVs, has secured $75 million in Series A funding. The round was led by battery manufacturer LG Energy Solution, and included participation from Euclidean Capital and Hillspire.
Sion Power’s Licerion technology uses compression in a lithium metal battery to enhance safety, lifetime and recharging rates. Sion has successfully demonstrated Licerion in high-capacity battery cells (up to 20 Ah), and it is currently in development to reach 56 Ah.
Licerion batteries are produced at scale in large-format cells that deliver specific energy up to 500 Wh/kg.
Sion Power says it will use the new capital to achieve technical and market validation of its technology. The company plans to build a fully automated manufacturing line to produce large-format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.
“Licerion directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion cells,” said Tracy Kelley, Sion Power’s CEO. “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.”
“We’ve invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis. Its technology is superior to that of a conventional battery, with a scalable manufacturing process that offers a faster and lower-cost solution,” said Jim Simons, Chairman of Euclidean Capital.
Source: Sion Power
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