Ionblox, a developer of high-energy density lithium-ion batteries, announced the second close of its Series B funding round, totaling $32 million.

Lilium and Applied Ventures led the additional funding round, with participation from Temasek and Catalus Capital.

The company announced its initial Series B in October last year, raising $24 million.

The additional funds will be used to advance the company’s technology, develop high-power batteries for electric aviation, and prototype fast-charging batteries for electric vehicles, Ionblox said in a press statement.

According to Ionblox CEO Sujeet Kumar, the new funding will help the company take a crucial step in its mission to scale its technology and set up cell manufacturing in key markets, including the U.S. “We are commercializing next-generation lithium-ion batteries with pre-lithiated silicon dominant anodes in order to transform the future of electric mobility,” added Sujeet Kumar.

Founded in Fremont, California, in 2017, Ionblox has been developing and commercializing high-energy density lithium-ion batteries for ground and aerial electric vehicles. The company has more than 40 issued patents; their batteries are designed with high-performance lithium-ion cells incorporating pre-lithiated silicon-dominant anodes.

“The Ionblox technology enables one of the highest performance cells for eVTOL aircraft existing today, and we’re proud to partner with Ionblox for our conforming aircraft. Test results to date are showing the technology will deliver not only superior energy and power density for the Lilium Jet at launch but also very good aging performance,” said Yves Yemsi, chief operating officer of Lilium.

Ionblox has received a development contract from USABC to develop low-cost, fast-charge electric vehicle batteries where its cell performance has been verified by Idaho National Lab and is also partnering with leading semiconductor equipment manufacturer Applied Materials.

According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency, Lithium-ion-based battery technology companies received the most VC funding in 2022.