Ionblox raises $24m to expand high-performance battery cell business
Ionblox has closed a $24 million Series B investment round for the development of its high-performance lithium-ion battery cells.
Ionblox, previously known as Zenlabs Energy, secured investment from Lilium, developer of the first all-electric vertical take-off and landing (“eVTOL”) jet; Applied Ventures, LLC; Catalus Capital, a multi-strategy private equity firm; and a global investment company.
The company has more than 40 patents, including for the pre-lithiation of all types of silicon-based anodes. Ionblox’s proprietary pre-lithiated silicon oxide anode and cell design enable multiple performance attributes – fast charging, high energy, high power, and long life at low cost – pushing the limits of traditional battery storage technology and unlocking the viability of widespread electric transportation.
It claims its batteries are ideally suited for high performance automotive and aviation applications, where the combination of these features can drive the electrification of transportation.
Ionblox will use the investment to continue scaling operations and increasing manufacturing capabilities as it ramps up production in the United States. Additionally, Ionblox will invest in the hiring and further expansion of the team, including manufacturing talent.
Sujeet Kumar, chief executive officer of Ionblox, said: “Ionblox has launched the only commercially scalable battery with a silicon dominant anode that can simultaneously provide high energy, high power, 1,000 fast charge cycles, and a clear path to low-cost production today.
“Our unique batteries can be scaled up with low risk and at a competitive cost, because we use commercially available materials and proven production processes and equipment, rather than costly and hard-to-scale proprietary materials.”
“Applied Ventures is very impressed with the tremendous progress Sujeet and the Ionblox team have made developing silicon anode batteries in collaboration with Applied Materials, Lilium and EV companies,” said Anand Kamannavar, global head of Applied Ventures. “We look forward to supporting Ionblox in accelerating commercialization of its next-generation batteries.”
Earlier this year, Ionblox received its third development contract from the United States Advanced Battery Consortium LLC (USABC) providing $3.5 million in cost share for the development of low-cost, fast-charge electric vehicle batteries.
