Forge Nano’s battery and chip ambitions get $40M boost

US tech company Forge Nano has announced the successful close of USD 40 million in new funding. The funding was co-led by RockCreek and Ascent Funds. Additional participants include Top Material, Orion Infrastructure Capital and Forge Nano’s existing investors.

Forge Nano’s ALD technology enables semiconductor fabs to conformally coat 200mm wafers for encapsulation, passivation, high-κ dielectric and metal barrier seed applications. Forge Battery is the battery subsidiary of Forge Nano.

With this latest raise, Forge Nano’s total capital investment now exceeds USD 140 million, adding RockCreek to a shareholder roster that includes GM Ventures, Volkswagen, LG Technology Ventures, Hanwha, Mitsui Kinzoku, Sumitomo Corporation of Americas, Air Liquide, Catalus Capital and SBI Investment, according to a media release.

“RockCreek’s commitment to American manufacturing, energy security and global technology leadership makes them an ideal partner as we continue to scale,” said Paul Lichty, CEO of Forge Nano. “This capital allows us to build on our momentum in two crucial industries needed for US manufacturing leadership — lithium-ion batteries and semiconductors. We look forward to expanding our domestic workforce as we scale our production capabilities and grow our customer base.”

“Forge Nano’s proprietary technology demonstrates that America continues to be the leader in innovation. Forge’s Atomic Armor significantly improves most battery chemistries with higher energy density, longer cycle life, faster charge speed, and lower risk of thermal runway,” said Mark Gordon, Managing Partner of Ascent Funds. “For semiconductors, Forge’s ALD removes a bottleneck to 3D chip stacking, allowing up to a 50% reduction in energy usage by chips. More efficient batteries are critical to national security. More efficient semiconductors will amplify the American lead in AI.”

Forge Nano recently installed a new state-of-the-art battery manufacturing line and a cleanroom production facility for semiconductor ALD tool production, both located at its Colorado headquarters. The company expects the USD 40 million investment will be utilized for further domestic manufacturing expansion, as well as to bolster its workforce to support the company’s growing network of strategic partners and customers.