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Sila Nano raises $70M to scale the next generation of battery materials
Sila Nanotechnologies, developing and manufacturing materials aimed at setting a new standard for batteries, has raised USD 70 Million in Series D funding, led by Sutter Hill Ventures.
Additional new investors include Next47 – the Siemens-backed global venture firm – and Amperex Technology Limited (ATL). Since 2011, Sila Nano has raised a total of USD 125 million from investors, including Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Samsung, and In-Q-Tel (IQT). "Changes in battery chemistry are generational, and Sila Nano is bringing the next one to market. Sila has solved the hard scientific and engineering problems and is ready to rapidly scale up manufacturing to meet the enormous demand for better batteries," said Mike Speiser, Managing Director, Sutter Hill Ventures. "We back companies that solve big problems that are worth solving, and Sila is a great example of that." "Batteries are a key component in the future of mobility and electrification, but the current technology can't keep up," said T.J. Rylander Partner at Next47. "Future progress in everything from wearables and smart devices to industrial IoT and electric transportation depend on improvements in energy density and cycle life. Sila has demonstrated that they have the right technology and the right team to meet these demands." To hit the future targets of multiple industries, and according to Sila Nano significant advancements in lithium-ion rechargeable battery technology are necessary. The company is focused on developing and now commercialising the next generation of battery materials. Their first products are a family of silicon-dominant anode materials that replace conventional graphite electrodes entirely. Developed for cost-effective production within current cell manufacturing processes, these materials work today and enable high cycle life, ultra-low swelling, and high energy density in next generation battery cells, the company says in a press release. "We have spent the past seven years diligently developing critical new materials to improve battery storage capacity. With the chemistry proven we are now moving into a new phase of market application and manufacturing at industry scale," said Gene Berdichevsky, CEO of Sila Nano. Worth mentioning is that this funding news follows the company's partnership announcement earlier this year with the BMW Group.
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