Coreshell Technologies has closed a $30 million Series B financing round to accelerate commercialization of its battery technology and expand manufacturing and customer programs focused on reducing dependence on Chinese critical materials.
Ferroglobe and Access Industries co-led the round, with participation from ADS, Helios Ventures, Pegasus Tech Ventures, Mana Ventures and Entrada Ventures.
The financing follows a $50 million Department of Energy grant announced in August. Coreshell is using that federal support to develop a giga-scale factory for battery cells incorporating metallurgical silicon anodes.
The San Leandro, California-based company replaces conventional graphite in lithium-ion battery anodes with metallurgical silicon, a commercially produced material available from U.S. sources. Its approach differs from silicon-anode technologies that use more expensive silane-based materials.
Coreshell says its technology combines performance and cost advantages with a supply chain designed around domestic critical materials. On the cathode side, an agreement with L&F provides long-term access to lithium, supporting its goal of producing batteries without Chinese critical materials.
The company is targeting customers across defense, automotive, data centers and other industries seeking more resilient energy storage supply chains.
Graphite processing is heavily concentrated in China, creating exposure to export restrictions and other disruptions. Coreshell’s strategy addresses that dependence by removing graphite from the anode rather than developing another source for the same material.
The new financing will support the company’s transition toward larger-scale production while advancing customer programs. Its investor group includes both financial backers and organizations connected to materials production and defense supply.
ADS, a supplier to the Defense Logistics Agency, identified batteries for uncrewed systems as one application where domestic sourcing and supply security are important considerations.
KEY QUOTES:
“Meeting sourcing requirements is an important step, but it doesn’t necessarily mean a battery supply chain is secure, no matter what industry you’re in. This new financing gives us the resources to scale a battery supply chain that eliminates dependence on China for critical materials while delivering advantages in performance and cost.”
Jonathan Tan, CEO And Co-Founder Of Coreshell Technologies
“As uncrewed systems become increasingly important to the future of American defense, the batteries powering those systems cannot be a geopolitical liability. Coreshell has a differentiated technology and a supply chain designed around domestic critical minerals, giving the defense industry a path toward batteries that are both high-performing and genuinely secure.”
Dave Bellis, Manager Of Corporate Strategy And Development At ADS
