Forge Nano, a provider of nanocoating technology for lithium-ion batteries, closed on $50 million in funding led by key investments from Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds, and existing investors. This funding brings the company’s total amount of capital raised to date to more than $95 million.
The financing will enable Forge Nano to pursue its nanotechnology opportunities for battery material as well as develop a battery production line to meet the demand for full-scale, premium battery contracts. The company plans to launch the construction of the pilot battery production line in Q2 2023, which will support applications across various sectors, including aerospace, consumer electronics, defense, and more.
The funding will also strengthen the company’s capabilities for applying their proprietary nanocoating technology Atomic Armor across industries by increasing the manufacturing footprint and putting more resources towards customer support. Atomic Armor technology is used across battery applications for vehicles, aerospace, consumer electronics, defense, and additional premium Li-ion users.
“This funding milestone allows us to fulfill the customer demand that already exists for our advanced batteries and equipment. As we move to grow our Atomic Armor™ technology in the Lithium-ion market, we are excited to finally be able to internally provide a finished battery solution at scale,” said Paul Lichty, CEO, Forge Nano. “In the past 4 years, we have seen dramatic revenue growth every year. With this new funding, we now aim to significantly accelerate this growth.”
According to the company, they recently partnered with Anovion, a battery material producer, to combine Forge Nano’s engineering with Anovion’s synthetic graphite for the production of new-gen lithium-ion batteries. Forge Nano expects to double revenue in 2023 with growing market adoption.
Recently, TeraWatt Technology, a manufacturer of lithium-ion batteries, announced the completion of another financing round before Series C. The company has raised an undisclosed amount from investors. The new funding is expected to strengthen the pilot-product line-ups for larger applications such as electric vehicles and energy storage systems.
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid, VC funding raised by Energy Storage companies in Q1 2023 came to $1.1 billion in 19 deals, an 8% decrease year-over-year (YoY) compared to $1.2 billion in 22 deals in Q1 2022.