Funding and M&A Roundup: EV Charging Firm SWTCH Raises $27 Million

Sion Power Corporation, a developer of batteries for electric vehicles, secured $75 million in Series A funding. The round was led by LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. The company also secured new investment from former Google CEO Eric Schmidt’s Hillspire.

Sion Power will use this new capital for technical and market validation of its technology. The company plans to build a fully automated manufacturing line to produce high-quality, large-format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.

The company uses lithium metal battery technology named Licerion, which is said to be demonstrated successfully in large energy capacity battery cells (up to 20Ah), and it is currently being developed to reach 56Ah.

“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because LicerionTM directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells,” said Tracy Kelley, Sion Power’s CEO.

LG Energy Solutions’ investment in the company is stated to lead to LG securing battery technologies and subsequent technological partnerships with Sion Power.

According to Mercom’s recently released 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.

Recently, Eddy Grid, an energy storage startup, secured €1.5 million (~$1.63 million) in a funding round led by the Graduate Entrepreneur fund, Herberth Samsom, alongside Rockstart’s Energy Fund and Volve Capital. Eddy Grid provides energy storage and management solutions to businesses.