Sion Power Corporation, a leading developer of next-generation battery technology for electric vehicles (EVs), announced that it has secured $75 million in Series A financing. The round was led by leading global battery manufacturer LG Energy Solution (the investment will be made through LG Technology Ventures and Bricks Capital Management) and again saw participation from mathematician Jim Simons of Euclidean Capital. The company also secured new investment from former Google CEO Eric Schmidt’s Hillspire LLC.
New board members include veteran automotive executive Stefan Jacoby , Scott Brady, Stanford professor, entrepreneur and managing partner of Innovation Endeavors, Robert McIntyre, managing director of LG Technology Ventures and Hansol Kim, managing partner of Bricks Capital Management.
Sion Power is the developer of Licerion TM technology . This technology uses compression in a lithium-metal battery to improve safety, durability and charging speed. Sion Power believes that any lithium-metal system requires compression to have a viable energy storage system. The company has developed strong intellectual property around this concept. Licerion TM has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and is currently under development to reach 56Ah.
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“Every automaker now has an electric vehicle strategy, with billions invested in the market. Our technology is interesting because Licerion TM provides a direct answer to the anxiety consumers feel when searching for chargers, offering up to double the “energy compared to traditional lithium-ion. The support of our investors demonstrates the maturity of our technology and the value of our strategy to enable lithium-metal cells,” said Tracy Kelley, CEO of Sion Power .
“We invested in Sion Power because its strong intellectual property portfolio is critical to making lithium-metal technology possible on a commercial basis. Its technology is superior to that of traditional batteries, with a scalable manufacturing process that offers a faster, lower-cost solution,” said Jim Simons, president of Euclidean Capital.
Thanks to this new capital, Sion Power will be able to obtain validation of its technology at a technical and market level. The company plans to build a fully automated production line to produce high-quality large-format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.
“Sion Power is the industry leader introducing lithium-metal anodes and their important benefits to the automotive industry. Its technology will significantly expand the adoption of electric vehicles by extending driving range at a reduced cost per lithium batteries. It is the solution that the automotive industry has been looking forward to and I am delighted to join the company’s board of directors,” said Stefan Jacoby, Chairman of the Board of Directors of Sion Power.
LG Energy Solution, the world’s leading manufacturer of lithium-ion batteries, has decided to invest in Sion Power to proactively secure competitive technologies for next-generation batteries and strengthen its market leadership. The investment could lead to further technology partnerships with Sion Power, under separate agreements between the two parties.
“This investment is a strategic decision to consolidate our leadership in the development of next-generation technologies in the battery sector,” said a spokesperson for LG Energy Solution. “We aim to develop greater competitiveness and generate new values by continuously investing in new generation technologies and business areas.”
SOURCE : BusinessWire