Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, closed $40 million in funding to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million.
The funding was co-led by RockCreek, a global investment firm primarily focused on energy innovation, critical supply chains, and advanced manufacturing, along with Ascent Funds, a U.S.-based global energy technology fund. Additional participants include Top Material, Orion Infrastructure Capital, and Forge Nano’s existing investors.
Through its subsidiary Forge Battery, the company designs and manufactures lithium-ion cells with high energy density that incorporate critical minerals coated using Forge Nano’s Atomic Armor technology, a nanoscale coating for cathode and anode materials.
Early this year, Forge Battery was awarded $100 million by the U.S. Department of Energy to expand domestic cell manufacturing at its North Carolina facility. In 2023, the company also secured $50 million in funding led by key investments from Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds, and existing investors.
Forge Nano said that it has installed a new state-of-the-art battery manufacturing line and a cleanroom production facility for semiconductor ALD (Atomic Layer Deposition) tool production at its Colorado headquarters.
“Forge’s Atomic Armor significantly improves most battery chemistries with higher energy density, longer cycle life, faster charge speed, and lower risk of thermal runway. For semiconductors, Forge’s ALD removes a bottleneck to 3D chip stacking, allowing up to a 50% reduction in energy usage by chips. More efficient batteries are critical to national security. More efficient semiconductors will amplify the American lead in AI,” said Mark Gordon, Managing Partner of Ascent Funds.
According to Mercom’s recently released Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector fell 8% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
In July, Addionics, an Israel-based chemistry-agnostic battery technology company, raised $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors.
