Ion Storage Systems (ION), a high energy density, solid-state lithium metal batteries manufacturer, closed a $30 million Series A funding round.
Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners led the funding round.
As part of the funding, Todd Crescenzo, Founder and Managing Partner at Clear Creek Investments, and Joseph Goodman, Co-Founder and Managing Partner at VoLo Earth Ventures, will join the company’s board of directors.
The company plans to use the new funds to commission and qualify a battery cell manufacturing line at its Beltsville, Maryland headquarters capable of producing 10 MWh/yr of its safe, energy-dense, and versatile solid-state batteries.
Production will initially be allocated to qualifying commercial cells for its aerospace and defense customers, generating revenue by the end of 2023.
ION said the latest investment would also accelerate the development projects the company has signed with multiple electric vehicle manufacturers, defense contractors, and consumer electronics companies.
“It’s extremely gratifying to see this novel solid-state battery technology created in my laboratories at the University of Maryland rapidly transition from academic research to a viable commercial product with such far-reaching impact across multiple energy storage markets,” said Eric Wachsman, Founder and Executive Chair at ION.
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. Funding raised in 2021 was the highest since 2014, and the deal count nearly doubled compared to 2020. VC funding for battery storage companies totaled $8.8 billion in 81 deals, compared to $1.6 billion raised in 32 deals in 2020, a 470% increase.