Jan 25, 2024
Battery technology startup Sion Power raised $75 million in an early-stage funding round led by LG Energy Solution, a South Korean battery manufacturer.
The funding will help the firm seek technical and market validation of its technology and plans to build a manufacturing line to make lithium-metal cells.
It should be noted that Sion Power had also received investment from former Google CEO Eric Schmidt’s family office.
The company claimed that its Licercion battery technology can deliver high energy density, or the ability to hold more power in a cell, and high amounts of power for the mass of the battery.
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Sion Power; however, did not provide the valuation at which it raised funds. The company said it will roll out its battery technology in 2027.
The announcement was seen positively by the stakeholders as automakers have been looking for electric vehicle (EV) battery formats and chemistries that bring production costs down and take drivers longer on a single charge.
CEO Tracy Kelley said: "Sion Powers's Licerion batteries can be used in a variety of EV applications including high-performance, compact, and economy vehicles. The battery system can be modified to address different performance profiles.”
Sion's backer, LG Energy Solution, has a supply agreement with Toyota and battery manufacturing joint ventures with Hyundai and Honda.
