In a major development for the electric vehicle (EV) battery industry, Sion Power, a technology developer specialising in next-generation batteries, has successfully secured $75 million in Series A funding.
The funding round was spearheaded by global battery manufacturing giant LG Energy Solution, with the investment executed through LG Technology Ventures and Bricks Capital Management. Additionally, prominent mathematician Jim Simons’ Euclidean Capital participated in the funding round, along with new investment from former Google CEO Eric Schmidt’s Hillspire.
LG Energy Solution’s strategic investment signifies a significant move to preemptively secure competitive next-generation battery technologies and reinforce its position as a global lithium-ion battery leader.
Noteworthy board additions resulting from this funding round include experienced automotive executive Stefan Jacoby, Stanford professor and entrepreneur Scott Brady, Robert McIntyre (Managing Director of LG Technology Ventures), and Hansol Kim (Managing Partner of Bricks Capital Management).
At the heart of Sion Power’s advancements is its groundbreaking Licerion technology. This innovative approach employs compression in a lithium metal battery, promising enhanced safety, extended lifetime, and rapid recharging rates.
Sion Power firmly believes that compression is essential for any viable energy storage system in lithium metal systems, and the company has established robust intellectual property around this concept.
Licerion technology has achieved successful demonstrations in large energy capacity battery cells, showcasing capabilities of up to 20Ah. Ongoing development efforts are underway to further enhance its potential, aiming to reach an impressive 56Ah capacity.
Sion Power CEO Tracy Kelley said: “Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because Licerion 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.”
With the infusion of $75m from the Series A funding, Sion Power aims to achieve both technical and market validation for its revolutionary technology.
The company plans to construct a fully automated manufacturing line dedicated to producing high-quality large-format lithium-metal cells. These cells will be utilized for testing and market development, with a focus on collaboration with automotive original equipment manufacturers (OEMs) and cell manufacturers.
LG Energy Solution’s investment in Sion Power extends beyond a financial backing. It represents a strategic move to explore potential technological partnerships, contingent on separate agreements between the two entities. This collaboration could lead to significant advancements in next-generation battery technologies, shaping the future landscape of the EV industry.
LG Energy Solution spokesperson said: “This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry.
“We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”