UNIGRID Battery, a San Diego-based company developing advanced sodium-ion batteries, announced a successful closing of an oversubscribed $12 million Series A funding round. The funding was Co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures and existing investor Foothill Ventures. The investment will accelerate and scale up UNIGRID’s battery production to fulfill MWh-scale customer orders in the electric mobility and stationary storage markets.
UNIGRID is one of the leaders in sodium-ion battery technology innovation, focusing on:
1.) Developing high energy density sodium-ion batteries. And using its proprietary alloy anode technology, it addresses a crucial sodium-ion bottleneck, energy density. The battery chemistry doubles the volumetric energy density of sodium-ion and enables it to surpass the energy density of lithium iron phosphate (LFP) batteries
2.) Eliminating the use of critical or rarer materials like lithium, cobalt, nickel, and copper, from its battery chemistry entirely, instead using only abundant materials
3.) Achieving safety and performance metrics that exceed that of LFP
A strength to UNIGRID’s technology is its drop-in compatibility with conventional Li-ion battery manufacturing infrastructure, along with off-the-shelf availability of materials in the existing supply chain. And the team currently works with battery manufacturing partners to immediately scale its products, avoiding the need for highly customized equipment or the redesigning of tools, which has been a barrier for various next generation battery technologies. This resonated well with customers and system integrators looking for immediate alternatives to Li-ion batteries.
KEY QUOTES:
“Advanced sodium-ion batteries will be a key enabler of widespread, distributed energy storage in the residential, commercial, and industrial markets. As a technology leader in this space, UNIGRID already has commercial-scale orders, and will use the funds to expand manufacturing and customer fulfillment capabilities.”
- Darren H. S. Tan, CEO for UNIGRID Battery
“To keep up with intermittent renewables and to electrify many end-applications, we need more energy storage. Storage that is safe, affordable, and made from abundant resources. Our venture partner Bruis has been following UNIGRID’s journey for over a year. The technology surpasses industry standards in terms of energy density and safety metrics. The UNIGRID team couples the technology breakthrough with commercial execution that we rarely see from startups at this stage.”
- Mona Alsubaei, Partner at Transition
“The unprecedented performance demonstrated in UNIGRID’s sodium-ion batteries presents a unique opportunity not only in the stationary storage space, but also in the fast growing electric mobility space, addressing core challenges of safety, wide temperature operation and downward price pressures of electric vehicles.”
- Sangbin Ong, Managing Director at Ritz Venture Capital
