Some of the biggest titans from Wall Street and Silicon Valley are backing a disruptive battery technology company. But, why?
What’s happening:
- Tuscon, Arizona based battery technology development company Sion Power has raised $75M USD in a new Series A financing round
- The round was led by LG Energy Solution, with notable participation from existing investors including hedge fund billionaire Jim Simon’s Euclidean Capital and former Google leader Eric Schmidt’s family office Hillspire
The big idea:
- Sion Power has developed a proprietary technology known as Liceron that significantly increases the energy and rechargability of their batteries compared to lithium-ion batteries
- Through using compression, Sion Power’s lithium metal batteries are able to be the same size and weight of a typical lithium-ion battery, while containing approximately twice the amount of total energy
By the numbers:
- Sion Power’s battery technology is based upon 30 years of research and development
- Currently, Sion Power holds more than 470 individual patents and patent applications around battery technology
Going deeper:
- LG Energy Solution is one of the global leaders of lithium-ion battery manufacturing, with multiple joint ventures with automakers such as General Motors, Hyundai, Honda and others
- Cummins (NYSE: CMI) previously invested in Sion Power to develop battery technology for commercial vehicles and supply Cummins with lithium metal battery cells to be integrated into electric powertrains
The intrigue:
- Sion Power is not just designing batteries for electric vehicles, they are also building lithium metal batteries that are capable of powering spacecraft into orbit
