Sion Power, a developer of next-generation batteries for EVs, has secured $75 million in a Series A funding round led by battery manufacturer LG Energy Solution.
Sion Power will use the funding to validate its Licerion technology technically and commercially. The company plans to build a fully automated line to make large-format lithium metal cells for automobile OEMs and cell makers to test and improve.
Sion Power’s Licerion technology uses compression in a lithium metal battery, which the company says will enhance safety, lifetime and recharging rates. Licerion has been demonstrated in large energy capacity battery cells (up to 20 Ah) and it is currently in development to reach 56 Ah.
“Licerion directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy of conventional lithium-ion,” 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 [and the company has] a scalable manufacturing process that offers a faster and lower-cost solution,” said Jim Simons, Chairman of investor Euclidean Capital.
“Sion Power brings lithium metal anodes and their significant benefits to the automotive industry. Its technology will greatly expand driving ranges at a reduced cost,” said Stefan Jacoby, Sion Power’s Chairman of the Board.
Source: Sion Power
