Sion Power Corporation, a technology developer of next-generation batteries for electric vehicles (EVs), announces that it has secured $75 million in Series A funding.
The round was led by global battery manufacturer LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. Sion Power also secured new investment from former Google CEO, Eric Schmidt’s Hillspire LLC.
New board members include:
- Automotive executive Stefan Jacoby
- Stanford professor, entrepreneur, and managing partner at Innovation Endeavors, Scott Brady
- Managing director of LG Technology Ventures, Robert McIntyre
- Managing partner of Bricks Capital Management, Hansol Kim
Sion Power is the developer of Licerion technology. This technology uses compression in a lithium-metal battery to enhance safety, lifetime, and recharging rates. It’s the Sion Power belief that any lithium-metal system will require compression to have a viable energy storage system. The company has developed robust intellectual property around this concept. Licerion has been successfully demonstrated in large energy capacity battery cells (up to 20Ah), currently in development to reach 56Ah.
“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because Licerion directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as 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.”
With this new capital, Sion Power will achieve technical and market validation of its technology. 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.
“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.
LG Energy Solution, a leading global lithium-ion battery manufacturer, has decided to invest in Sion Power to preemptively secure competitive next-generation battery technologies and enhance its market leadership. The investment may lead to subsequent technological partnerships with Sion Power, upon separate agreements between the two parties.
“This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry,” said an LG Energy Solution spokesperson. “We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”
Filed Under: Batteries, Technology News