Ionobell, a breakthrough silicon battery technology company, announced that it had raised a recent seed extension round of $3.9 million led by Dynamo Ventures and Trucks VC, bringing the total funding to $7.3 million in seed investment fundraising. Trucks VC led the initial equity round, with participation from Dynamo Ventures and Alumni Ventures.
Ionobell’s experience in battery material and cell development, along with several decades of knowledge and experience in energy storage, lithium-ion, and fabrication, are used to build battery technology that will help automotive clients save up to $1,200 per vehicle.
Building batteries is a large-scale and long process that eats a lot of resources. And many battery companies in the space cannot reach production scale because of the costs of building their batteries. The industry is filled with many failed or failing battery companies that is unable to afford the billions of dollars and hundreds of technologies along with decades of process development time needed for achieving viable battery production, thus stifling innovation.
The only way to improve major innovation is to create a drop-in solution, which enables over 100 battery production facilities opening in the US to immediately upgrade and produce better battery solutions without massive new capital expenditure. Ionobell is actively working with the largest manufacturers in the business to license its battery technologies and make this a reality.
Ionobell’s silicon material is 500% more energy-dense than graphite. And with its porous structure, it still meets the lifecycle needs of automotive even in solid-state designs enabling better range, faster charging, and lower costs than existing batteries. And Ionobell’s novel approach reuses waste materials to significantly reduce the environmental impact for its industry partners, further enabling the circular economy.
With this funding round, Ionobell plans on expanding its production across the US bringing the transformative recycled battery material to new manufacturers and a broader array of industries. And currently, they work extensively with the world’s largest automotive manufacturers in the US.
KEY QUOTES:
“Almost every single product we use in our daily lives, from our phones to our cars to our coffee machines, uses batteries. What the average consumer doesn’t realize, however, is that these batteries are produced through a multitude of different technology providers and partnerships. At Ionobell, we want to give manufacturers and producers better solutions for their demanding battery customers. This means creating silicon-forward batteries that are more energy-efficient, cost-effective, and are a “drop-in solution” with their existing processes/equipment both solid-state and standard Li-Ion. We’re powering the technology that powers people’s lives.”
- Robert Neivert, CEO of Ionobell
“At Dynamo, we believe in investing in the future of supply chain and mobility. Ionobell’s novel battery technology from reused materials that can power the technology in our everyday lives. The impact will not be just felt in the end products that we use but also in manufacturing, transportation, and supply chain, effectively from conception to creation to distribution. In the quest to create a better, greener global industry, Ionobell is leading the charge by quite literally powering the future.”
- Jon Bradford, Managing Partner of Dynamo Ventures
