Business

Beltsville-based Ion Storage Systems closes $30M Series A funding spherical


Ion Storage Systems Inc. (ION) on Tuesday introduced the closing of its Series A funding spherical, exceeding its authentic goal of $30 million.

The Beltsville-based firm welcomed investments from Toyota Ventures, Tenaska, Bangchak Corporation and different traders, along with the investments from its lead traders.

“We are thrilled to add this exceptional group of investors and partners to our oversubscribed round to support ION’s next phase of growth,” mentioned Ricky Hanna, ION’s Chief Executive Officer. “As ION prepares to meet the overwhelming demand for safe, cost efficient and energy dense batteries, our team has grown to meet the challenge. ION’s battery performance and safety far exceeds what traditional Lithium Ion can offer and will become the benchmark for battery design for decades to come.”

The funding will allow ION to develop its facility at its Beltsville headquarters to fee and qualify a battery cell manufacturing line able to producing 10MWh/yr of next-generation solid-state batteries. Production will initially be allotted to qualifying industrial cells for its first market clients, producing industrial income by the top of 2023.

The Series A spherical may also speed up the event tasks ION has with a number of clients and companions within the shopper electronics, automotive, and stationary storage markets. Other traders within the spherical embrace GAINTECH Capital, Alumni Ventures Group, Z2Sixty Ventures, Climate Capital and the University of Maryland Discovery Fund.

Ion Storage Systems manufactures excessive vitality density, stable state lithium metallic batteries which might be intrinsically secure and require no exterior heating or compression. ION’s patented battery design is nonflammable, permits fast-charging capabilities, gives vast working temperatures, reduces quantity and weight of the cells, and is appropriate with present and subsequent era cathodes, together with excessive voltage cathodes which might be nickel and cobalt-free. The versatility of ION’s know-how permits it to design merchandise for a number of markets together with shopper electronics, electrical autos, and grid storage clients.





Source hyperlink

Leave a Reply

Your email address will not be published.