Funding Round Details:
Sion Power, a battery technology startup, secured $75 million in an early-stage funding round.
LG Energy Solution, a South Korean battery manufacturer, led the funding, with additional investment from Eric Schmidt's family office, Hillspire.
Specialization in Lithium-Metal Cells:
Sion Power specializes in lithium-metal cells, utilizing its Licerion battery technology.
Validation and Manufacturing Plans:
The company aims to seek both technical and market validation for its Licerion battery technology.
Plans include establishing a manufacturing line for the production of lithium-metal cells.
Technological Advantages:
Licerion battery technology is known for high energy density, allowing increased power storage in a cell.
It provides a high power-to-mass ratio, enhancing overall battery efficiency.
Future Vision and Timeline:
Sion Power envisions its battery technology being utilized in electric vehicles (EVs) by the year 2027.
The specific valuation at which the $75 million was raised remains undisclosed.
Industry Context and Trends:
The funding announcement aligns with a period where automakers are actively seeking advancements in EV batteries to lower production costs and extend driving range, promoting wider adoption.
Versatile Applications and Industry Partnerships:
Sion Power's Licerion batteries find applications across various EV segments, including high-performance, compact, and economy vehicles.
The battery system is customizable to address different performance requirements.
LG Energy Solution, a major supporter, has existing agreements with Toyota and is involved in battery-related ventures with Hyundai and Honda.
Comments