Sion Power Corporation, a pioneer in developing cutting-edge batteries for electric vehicles (EVs), has announced a major milestone, raising an impressive $75 million in Series A funding. The funding round was spearheaded by leading global battery manufacturer LG Energy Solution, facilitated through LG Technology Ventures and Bricks Capital Management. Also participating in the round are seasoned investor Jim Simons’ Euclidean Capital and former Google CEO Eric Schmidt’s Hillspire LLC.
As part of the development, Sion Power welcomes distinguished figures to its board, including automotive executive Stefan Jacoby, Stanford professor and entrepreneur Scott Brady, Robert McIntyre from LG Technology Ventures, and Hansol Kim from Bricks Capital Management.
Sion Power’s flagship innovation, the LicerionTM technology, lies at the heart of this breakthrough. By utilizing compression in lithium metal batteries, LicerionTM enhances safety, longevity, and recharging rates, setting a new standard in energy storage systems. The company asserts that compression is essential for any lithium metal system to achieve viability, backed by a robust portfolio of intellectual property.
CEO Tracy Kelley highlights the significance of their technology in the EV market, stating, “Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because LicerionTM directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells.”
Jim Simons, Chairman of Euclidean Capital, commented, “We’ve invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis. Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution.”
With the infusion of capital, Sion Power aims to validate its technology both technically and commercially. Plans include establishing a fully automated manufacturing line to produce large-format lithium-metal cells for testing and market development with automotive OEMs and cell manufacturers.
Stefan Jacoby, Chairman of the Board at Sion Power, stated, “Sion Power is the industry leader that brings lithium-metal anodes and their significant benefits to the automotive industry. Its technology will greatly expand the adoption of electric vehicles by expanding driving ranges at a reduced cost for lithium batteries. This is the solution the automotive industry has been eagerly awaiting and I’m pleased to join the company’s board.”
LG Energy Solution’s decision to invest underscores its commitment to securing next-generation battery technologies. The move is expected to pave the way for potential technological collaborations between LG Energy Solution and Sion Power, further strengthening their positions in the market.
“This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry,” said an LG Energy Solution spokesperson. “We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”
