Coreshell receives $24 million in funding to scale up low-cost silicon EV batteries
U.S. battery technology company Coreshell has announced that it has successfully raised $24 million in private investment to scale its production of low-cost silicon EV batteries.
Based in California, Coreshell aims to capitalize on its innovations in the EV battery sector by scaling up production. Since 2017, the company has been making batteries from natural silicon with its unique technology that utilizes metallurgical silicon anodes to store energy at a lower cost than graphite.
Initial results from tests on the company’s technology reveal that Coreshell’s batteries offer up to 40% more energy density than graphite-based materials. This enables EVs using the technology to drive further with a lighter-weight battery. Additionally, these batteries are cheaper to build and can be fully charged in as little as 15 minutes, targeting many of the most common criticisms of current EV battery technology.
Like other companies operating in North American and European markets, Coreshell is primarily concerned with supporting its domestic EV manufacturing industry by reducing its reliance on dominant Chinese supply chains. Key to China’s success in recent years is its immense graphite reserves.
Producing better batteries without using Chinese graphite is expected to support North America’s flailing EV market.
According to Coreshell CEO Jonathan Tan, “As the global EV industry reaches an inflection point, automakers recognize that alongside range, supply chain resilience – driven by reliance on foreign countries for graphite production – and cost reduction are key to overcoming adoption barriers. Coreshell is addressing these challenges by replacing graphite with domestically sourced metallurgical silicon, reducing costs, strengthening the supply chain, and improving sustainability.”
Coreshell’s decision to seek $24 million in funding from private investment will fund the company’s scaling efforts at its production plant in California. The company has also announced plans to open an extra facility.
The news comes at a time of expansion for Coreshell, with the company expected to deliver its first battery samples to auto manufacturers around the world later in 2025. Some of the key investors behind the latest round of funding include Ferroglobe, one of the world’s largest silicon producers, Zeon Ventures, Lane Ventures, Foothill Ventures, and others.
Assuming that global automakers are impressed with Coreshell’s breakthrough, this could prove to be the boost that the North American and European EV markets need. As the world’s electrification revolution continues, analysts are cautiously optimistic that this type of innovation could shift the balance of power in the long term.
