NanoGraf, a US-based battery material start-up, has successfully raised $65 million in a series B financing round led by Volta Energy Technologies and CC Industries. The company will use the funds to finance the start of production of its in-house silicon anode material in the fourth quarter of 2023. This recent funding brings the total amount of capital raised by NanoGraf to €85.8 million, including the previous €25 million raised in a Series A round.
While the previous funding round mostly attracted financial investors, the new round also saw participation from existing investors Hyde Park Angels, Evergreen Climate Innovations, and Goose Capital. NanoGraf has achieved an impressive energy density of 810 Wh/l with its silicon anode material in a 18650 format battery cell, and it plans to begin production of its battery material in Chicago from Q4 2023. The initial production goal is to produce 35 tonnes of material per year, which will be enough for 24 million battery cells. By 2024, NanoGraf aims to scale up production to 1,000 tonnes per year.
The funding is not part of the funding programme for the development of a national battery supply chain, as the company did not receive a funding commitment in November 2022. However, the company’s domestic production plan is in line with the US government’s goal of supporting domestic production.
Previously, NanoGraf had produced its silicon anode material in Japan but later decided to relocate to the US. The company is already working with over 50 potential customers, including leading consumer electronics, household appliance, and power tool brands. It has also established twelve strategic partners from the electromobility sector, ranging from start-ups to Fortune 100 companies.
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According to NanoGraf CEO Francis Wang, the funding ensures a domestic supply of a key strategic component for next-generation lithium-ion batteries. He also emphasized the company’s commitment to extending the energy and power performance characteristics of today’s lithium-ion batteries for a sustainable electrified future.
The funding was led by Volta Energy Technologies, and the quality of investors in this financing round has been praised by Jeff Chamberlain, CEO of Volta Energy Technologies. NanoGraf’s technology promises to enable higher energy density in lithium-ion batteries using silicon, which is a practical drop-in for existing battery manufacturing processes.
