Sila, a next-generation battery materials company, announced it has raised $375 million in a close of its Series G round led by existing investors Sutter Hill Ventures and funds and accounts advised by T. Rowe Price Associates with participation by new investors as well as existing investors Bessemer Venture Partners, Coatue, Perry Creek Capital, and others.
This funding round will secure the completion of the company’s Moses Lake plant in the first quarter of 2025, enabling the delivery of its Titan Silicon anode material to auto customers in Q4 of 2025. And Mercedes-Benz and Panasonic, and three additional customer contracts yet to be publicly disclosed have been secured and will be fulfilled through Sila’s Moses Lake manufacturing facility.
This new funding round comes as Sila has already demonstrated technical differentiation and market adoption of Titan Silicon as a high silicon anode capable of replacing most or all of the graphite in a Li-ion cell. And the funding round focuses on scale-up as well as ensuring that rigorous automotive quality and reliability standards and delivery timelines are met. The build-out of Sila’s Moses Lake manufacturing plant is on schedule and will deliver enough capacity to serve its multiple customers. Plus, additional future expansions at the site will enable Sila to produce enough material to power up to a million cars per year.
Titan Silicon was the first commercial next-generation silicon anode technology entering the market in 2021. Now it delivers up to a 20-25% energy density improvement over the industry’s best performing graphite cells, enabling automakers to deliver unmatched EV performance, dramatically increasing vehicle range and reducing charge times – pivotal to addressing consumer concern in switching to electric. And future releases of Titan Silicon will drive improvement of up to 40%, recharge times to less than 10 minutes, and lower the $/kWh cost of batteries.
Ardea Partners LP served as the exclusive financial advisor to Sila for its Series G round.
KEY QUOTES:
“Our investors share the perspective that the world will transition to fully electric. Every automaker knows the future must be electric and realizes that the path to broader adoption isn’t through cost reduction alone. To transform the world and meet consumer expectations, the industry needs to take the next big step on battery performance and charging speeds. With Sila, automakers can deliver next-generation EVs that will win over those who expect more from their electric experience.”
- Gene Berdichevsky, Sila Co-founder and CEO
“We have observed Sila’s steady execution since we first invested in the company in 2021. With its disciplined focus on manufacturing and quality, we believe Sila has the persistence and durability to meet future global demand and be a market leader for the long haul.”
- Joseph Fath, portfolio manager at T. Rowe Price Associates
