NanoGraf – a battery materials company with patented silicon-anode technology, has raised $65 million in a Series B funding round.
The funding round was co-led by Volta Energy Technologies and CC Industries (CCI), with participation from GIC, Emerald Technology Ventures, Material Impact, Arosa Capital, Nabtesco Technology Ventures, TechNexus, existing investors Hyde Park Angels, Evergreen Climate Innovations, and Goose Capital.
NanoGraf had previously raised $27 million in venture capital funding. Including the latest round, the company has raised more than $90 million in funding to date.
With the additional funding, NanoGraf plans to further accelerate the development of its advanced battery technologies and expand its production capabilities to meet the increasing demand for high-performance batteries in various industries.
“This funding not only ensures a domestic supply of a key strategic component of next-generation lithium-ion batteries but also enhances our national competitiveness in the global energy storage space,” said Dr. Francis Wang, CEO of NanoGraf.
The Series B funding comes on the heels of two major announcements for NanoGraf. In November of 2022, the company was awarded a $10 million contract from the U.S. Government to develop the first advanced silicon anode manufacturing facility in the Midwest.
“Nanograf’s technology promises to enable higher energy density in lithium-ion batteries in a way that uses silicon with what is practically drop-in to existing battery manufacturing processes,” said Jeff Chamberlain, CEO of Volta Energy Technologies.
The need for high-density lithium-ion batteries has seen keen investor interest. Last week, Ionblox, a developer of high-energy density lithium-ion batteries, announced the second close of its Series B funding round, totaling $32 million.
According to Mercom Capital Group’s latest Annual and Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency, there was a 34% decline in venture capital funding for energy storage companies in 2022, with a total of $5.8 billion raised. Notably, companies focused on Lithium-ion-based battery technology secured the highest amount of VC funding in the sector last year.