ACT-ion Battery Technologies, a cathode active materials (CAM) manufacturer for lithium-ion batteries, has secured $7.5 million in a Pre-Series A funding round.
This funding round was led by BASF Venture Capital with participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management, and LG Technology Ventures.
The company is expected to use this funding to accelerate its CAM production technology, with a goal of establishing an operational pilot facility by 2025, with validations from industry partners.
“We are excited to have led this financing round and to support ACT-ion as a partner. With the market need for novel battery materials, and the processes to produce them, ACT-ion’s mission to improve CAM aligns well with BASF’s efforts to deliver innovation to our customers,” said Joshua Speros, Investment Manager at BASF Venture Capital.
According to the company, it utilizes proprietary manufacturing technology, and produces coated single-crystal CAMs for lithium batteries.
“The domestic production of battery materials at cost will mark a significant milestone in the US CAM industry,” said Lillian Shattock, Director of Private Investments at Arosa Capital Management. “We are thrilled to support ACT-ion, as we believe their technology can be a pivotal enabler of domestic CAM manufacturing.”
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, Venture Capital funding in the Energy Storage sector in 2024 decreased 60% YoY, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
In December, Nanoramic, an energy storage and advanced materials company, secured $44 million in funding. General Motors Ventures and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation, Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
