Coreshell, a California startup developing nanolayer coating technology for rechargeable batteries and providing technology to solve battery performance issues, raised $12 million in Series A funding.
Trousdale Ventures, Industry Ventures, and Helios Capital Ventures led the financing round with existing investors, including Entrada Ventures, Foothill Ventures, and Asymmetry Ventures.
Including the latest funding round, Coreshell has raised $19 million to date.
The company plans to use the new funds to accelerate its battery coating technology developed to increase the capacity and range of lithium-ion batteries to meet the growing demand for electric vehicles globally.
“Auto manufacturers around the globe are chasing after improved energy density to reduce battery size and manufacturing costs, but this is often at the expense of safety,” said Jonathan Tan, CEO of Coreshell.
As part of the funding, Meyers Manx has partnered with Coreshell to develop an electrified prototype buggy that will demonstrate the unprecedented capacity of the battery.
“Partnering with Coreshell to create something sustainable and environmentally-friendly fits into our mission to continue bringing adventure and fun to the world, but with even more performance capabilities to match the expectations of modern-day consumers. Expanding our designs to include an electric platform allows us to show the rest of the automotive industry what can be achieved with zero disruption to the manufacturing process,” commented Phillip Sarofim, Chairman of Meyers Manx & Managing Partner of Trousdale Ventures.
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, total corporate funding in the battery storage sector was up 159%, with $17 billion in 101 deals in 2021. In February 2022, Ion Storage Systems (ION), a high energy density, solid-state lithium metal batteries manufacturer, closed a $30 million Series A funding round.