Battery start-up Ion secures $10 million investment

Leonid Capital Partners has announced a USD 10 million debt investment in battery start-up Ion Storage Systems with the aim of accelerating Ion’s mission to deliver a safer, more efficient energy solution through its advanced solid-state battery technology.

Ion’s backers include Lockheed Martin and Toyota Ventures. Earlier this year it received a USD 1.5 million grant from the Maryland Technology Development Corp, and a USD 20 million award from the US Department of Energy’s Advanced Research Projects Agency-Energy.

Ion is transforming energy storage with its patented bi-layer ceramic electrolyte that addresses key safety and performance issues inherent to conventional lithium-ion batteries. Unlike traditional designs, Ion’s technology eliminates flammability risks, reduces the need for extensive cooling systems, and provides industry-leading energy density attributes. These capabilities make Ion’s technology particularly valuable for defense, aerospace, and other high-demand applications where reliability is essential, a media release said.

“We are thrilled to partner with Ion as they redefine the standards of energy safety and efficiency,” said Chris Lay, Co-founder and CEO of Leonid Capital Partners. “Their innovative technology aligns with Leonid’s commitment to supporting solutions that advance sustainability, reliability, and operational excellence across critical sectors.”

“Our partnership with Leonid Capital Partners strengthens our ability to execute our technical and commercial roadmaps and deliver Ion’s technology to the market,” said Dr. Gregory Hitz, Co-Founder and Chief Technology Officer of Ion.