Ionobell, a silicon battery technology company, raised $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising.
The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures.
The company claims that its silicon material is 500% more energy-dense than Graphite.
“What the average consumer doesn’t realize, however, is that these batteries are produced through a multitude of different technology providers and partnerships. At Ionobell, we want to give manufacturers and producers better solutions for their demanding battery customers. This means creating silicon-forward batteries that are more energy-efficient, cost-effective, and are a “drop-in solution” with their existing processes/equipment both solid-state and standard Li-Ion. We’re powering the technology that powers people’s lives,” said Robert Neivert, CEO of Ionobell.
With this funding, Ionobell plans to expand its production across the U.S., bringing its recycled battery material to new manufacturers and a broader array of industries.
“Ionobell’s novel battery technology from reused materials that can power the technology in our everyday lives. The impact will not be just felt in the end products that we use but also in manufacturing, transportation, and supply chain, effectively from conception to creation to distribution. In the quest to create a better, greener global industry, Ionobell is leading the charge by quite literally powering the future,” said Jon Bradford, Managing Partner of Dynamo Ventures.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
Last Year, Inlyte Energy, a developer of sodium metal halide batteries for grid-scale energy storage, secured $8 million in seed funding to develop the first generation of its grid batteries made with iron and table salt.
