South 8 Technologies, a developer of liquefied gas electrolyte formulations for next-generation lithium batteries, has raised $12 million in Series A funding.
Anzu Partners led the round with participation from LG Technology Ventures, Shell Ventures, Foothill Ventures, and Taiyo Nippon Sanso Corporation (TNSC).
The company plans to use the new funds to accelerate the commercialization of its patented Liquefied Gas Electrolyte (LiGas) technology for high-performance batteries for EV, grid storage, aerospace, and defense applications.
According to the company, its LiGas technology offers a distinctive approach to next-generation lithium batteries and deals with the limitations of existing liquid electrolytes and solid-state batteries that are still under development.
Unlike common battery electrolytes that are liquid at room temperature or solid-state electrolytes, South 8’s non-toxic LiGas technology uses solvents that are generally gaseous at standard pressure and room temperature but maybe liquefied under pressure and used as an electrolyte within the cell.
Some of the key features of LiGas Electrolytes include – increased safety, high energy, wide operating temperature, material compatibility, reduced cost, and recyclability.
“With the battery and auto industries placing big bets on a relatively narrow set of potential breakthrough innovations, we are offering a truly unique and much more practical alternative technology to stakeholders and customers who need a safer and higher performing lithium battery solution than is currently available,” said Cyrus Rustomji, CEO of South 8 Technologies.
“By removing the threat of thermal runaway reactions or thermal propagation, South 8’s technology significantly increases Li-ion safety and offers high compatibility with today’s most common electrode materials and manufacturing techniques. These new capabilities provide access to an increased number of applications across relevant industries previously hindered by Li-ion performance and safety,” added Robert McIntyre, Managing Director at LG Technology Ventures.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, venture capital funding raised by Battery Storage companies in Q1 2022 came to $1.1 billion in 21 deals, a 15% increase YoY compared to $1 billion in 14 deals in Q1 2021. Quarter-over-quarter funding was 28% lower compared to $1.6 billion in 21 deals in Q4 2021.