Sion Power – a leading technology developer of next-generation batteries for electric vehicles (EV) – announced that it has secured $75 million in Series A funding. The funding round was led by leading global battery manufacturer LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from Jim Simons’ Euclidean Capital. The company also secured new investment from former Google CEO Eric Schmidt’s Hillspire LLC.
The new board members include auto executive Stefan Jacoby, Stanford professor, entrepreneur, and Managing Partner at Innovation Endeavors; Scott Brady, Robert McIntyre, Managing Director of LG Technology Ventures; and Hansol Kim, Managing Partner of Bricks Capital Management.
Sion Power is the developer of Licerion technology. This technology utilizes compression in a lithium metal battery to enhance safety, lifetime, and recharging rates. And it is the Sion Power belief that any lithium metal system will require compression to have a viable energy storage system. The company also developed very robust intellectual property around this concept. Licerion has been successfully demonstrated in large energy capacity battery cells (up to 20Ah), and it is currently being developed to reach 56Ah.
With this new funding round, Sion Power will achieve technical and market validation of its technology. And the company plans to build a fully automated manufacturing line to produce high quality large format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.
LG Energy Solution, a leading global lithium-ion battery manufacturer, decided to invest in Sion Power to preemptively secure competitive next-generation battery technologies and enhance its market leadership. And the investment may lead to subsequent technological partnerships with Sion Power, upon separate agreements between the two parties.
KEY QUOTES:
“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because LicerionTM directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells.”
– Tracy Kelley, Sion Power’s CEO
“We’ve invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis. Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution.”
– Jim Simons, Chairman of Euclidean Capital
“Sion Power is the industry leader that brings lithium-metal anodes and their significant benefits to the automotive industry. Its technology will greatly expand the adoption of electric vehicles by expanding driving ranges at a reduced cost for lithium batteries. This is the solution the automotive industry has been eagerly awaiting and I’m pleased to join the company’s board.”
– Stefan Jacoby, Sion Power’s Chairman of the Board
“This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry. We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”
– LG Energy Solution spokesperson
