Battery technology company Coreshell announced $24 million in strategic funding to scale production of its 60 Ah battery cells made with 100% domestically sourced metallurgical silicon (MG-Si). The funding round was anchored by Coreshell’s strategic partner Ferroglobe, a leader in the production of Silicon and Ferroalloys, and Zeon Ventures. And additional financial and returning investors include Lane Ventures, Entrada Ventures, Foothill Ventures, Helios Climate Ventures, Translink Investment, Trousdale Ventures, and Asymmetry Ventures.
This round of funding will scale Coreshell’s production at its newly built 4 MWh manufacturing facility in San Leandro, California. Plans for a separate 100 MWh facility are currently in site selection and design. As a result of this production scale-up, the company is now positioned to meet growing demand. It will begin delivering commercial samples of its 60 Ah battery cells to global automakers in 2025.
The funding will accelerate Coreshell’s efforts to meet the growing demand for silicon-based batteries. It will also be used to expand the company’s executive and R&D teams to refine the production processes for its battery cells, which utilize standard equipment from South Korea’s TopMaterial. And this enables Coreshell to rapidly scale its manufacturing capabilities without needing specialized infrastructure, making it poised for rapid industry adoption.
Until now, no other battery company has effectively unlocked the power of metallurgical silicon. Coreshell has revolutionized the entire cell design by creating battery chemistries made with earth-abundant materials, adding 30+% more range while decreasing cost by up to 25%. This was done by harnessing the power of silicon anodes using simple, unrefined metallurgical silicon that is half the cost of graphite.
Coreshell offers low-cost and high-performance silicon anodes on Earth. Its proprietary technology unlocks the performance of metallurgical silicon, which has 10x the capacity than current battery anodes at significantly lower costs. Based in California, Coreshell partners include the leading global producer of high-purity metallurgical silicon, battery manufacturers, and auto OEMs committed to the transition to clean energy.
KEY QUOTES:
“This strategic funding round is a critical step in scaling production and delivering commercial samples to leading automakers who have already tested the low-cost metallurgical silicon anodes in our cells with promising results and are eager to receive commercial-scale cells for further validation. As the global EV industry reaches an inflection point, automakers recognize that alongside range, supply chain resilience – driven by reliance on foreign countries for graphite production – and cost reduction are key to overcoming adoption barriers. Coreshell is addressing these challenges by replacing graphite with domestically sourced metallurgical silicon, reducing costs, strengthening the supply chain, and improving sustainability.”
– Jonathan Tan, CEO of Coreshell
“Based on extensive validation by our team and rigorous lab testing, we believe Coreshell’s battery technology shows the most promise to fast-track the EV industry in reducing cost and tackling supply chain issues. Our strategic partnership and the excellent results from Coreshell’s technology are the reasons why we’ve further invested in the company. This is a critical moment to scale a domestic supply chain and drive success in the market.”
– Benoist Ollivier, Chief Technology & Innovation Officer of Ferroglobe
