Ion Storage Systems, a developer of solid-state battery technology, has raised $30 million in a Series A funding round.
The investments came from Toyota Ventures, Tenaska, Bangchak Corporation, GAINTECH Capital, Alumni Ventures Group, Z2Sixty Ventures, Climate Capital, and the University of Maryland Discovery Fund.
The company plans to use the funds to expand its Beltsville facility in Maryland and qualify a battery cell manufacturing line capable of producing 10 MWh/year of next-generation solid-state batteries.
Production of the batteries will initially be allocated to qualifying commercial cells for its first market customers and is expected to generate commercial revenue by the end of 2023. The Series A round accelerates the company’s development projects with multiple customers and partners in the consumer electronics, automotive, and stationary storage markets.
The company manufactures solid-state lithium metal batteries. The technology employs a metallic lithium anode in conjunction with an inorganic solid electrolyte (ISE), and the technology is expected to offer enhanced energy density and cycle life.
“As Ion prepares to meet the overwhelming demand for safe, cost-efficient, and energy-dense batteries, our team has grown to meet the challenge. ION’s battery performance and safety far exceed what traditional Lithium-Ion can offer and will become the benchmark for battery design for decades to come,” said Ricky Hanna, Ion’s Chief Executive Officer.
“Ion’s bi-layer cell design is a breakthrough for the industry. The architecture addresses the technological barriers that have historically plagued solid-state batteries, and it enables critical next-generation performance metrics for widespread adoption – including high-energy-density, strong cycling performance, wide temperature range, and fast charging,” said Lisa Coca, Climate Fund partner for Toyota Ventures.
Earlier this year, Factorial Energy, a developer of solid-state batteries, raised $200 million as part of a Series D round of funding. The investment round was led by Mercedes-Benz (DAI) and Stellantis N.V.
The Battery Technology Market has seen keen interest from Investors. In Q1 2022, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021. Funding increased significantly year-over-year compared to $4.7 billion in 18 deals in Q1 2021.