Ion Storage Systems (ION), a manufacturer of high energy density and solid-state lithium metal batteries, secured $10 million in debt funding from Leonid Capital Partners, an investment firm that provides non-dilutive, debt-based investments. The company will use this funding to expand its solid-state battery technology.
“We are thrilled to partner with ION as they redefine the standards of energy safety and efficiency. Their innovative technology aligns with Leonid’s commitment to supporting solutions that advance sustainability, reliability, and operational excellence across critical sectors,” said Chris Lay, Co-founder and CEO of Leonid Capital Partners.
ION uses a bi-layer ceramic electrolyte and anode-free battery design, which, according to the company, enhances safety and optimizes durability compared to conventional lithium-ion batteries by eliminating flammability risks and extensive cooling systems.
In 2022, the company closed a $30 million Series A funding round to qualify a battery cell manufacturing line at its Beltsville, Maryland headquarters capable of producing 10 MWh/yr of its safe. Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners led the funding round.
“Our partnership with Leonid Capital Partners strengthens our ability to execute our technical and commercial roadmaps and deliver ION’s technology to the market,” said Dr. Gregory Hitz, Co-Founder & Chief Technology Officer of ION.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, announced debt and public market financing for Energy Storage companies in 9M 2024 came to $15 billion in 22 deals, a 125% increase year-over-year compared to $6.6 billion in 26 deals in 9M 2023.
