6K, a materials producer for energy storage and additive manufacturing powders, closed $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024.
The company produces UniMelt®, its microwave plasma technology for the localized production of critical materials. 6K states that UniMelt technology can be applied across a range of markets, from additive manufacturing (6K Additive) to essential battery materials (6K Energy) to future growth sectors (6K Next).
The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies. Additionally, CEO responsibilities have been transferred from Dr. Aaron Bent to COO Dr. Saurabh Ullal, who will immediately assume the CEO role.
With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders.
“This scaling to full production is enabled by our Battery Center of Excellence, which has the capacity today to produce up to 1 ton per month of CAM to support multiple customer qualifications.” said Saurabh Ullal, CEO of 6K.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Recently, Sila, a battery materials company, secured $375 million in a Series G funding round led by Sutter Hill Ventures, an existing investor, and funds and accounts advised by T. Rowe Price Associates. The round saw participation from new and existing investors, including Bessemer Venture Partners, Coatue, Perry Creek Capital, and others. Ardea Partners LP served as the exclusive financial advisor to Sila for its Series G round.
