Led · Series A · Jan 2024

Sion Power develops Licerion® lithium‑metal battery technology intended for electric vehicles. Licerion uses compression in lithium‑metal cells to enhance safety, lifetime, and recharging rates and aims to deliver up to twice the energy of conventional lithium‑ion batteries at up to 500 Wh/kg. The company has demonstrated the technology in large energy capacity cells up to 20Ah and is developing cells to reach 56Ah. With new capital, Sion Power plans to build a fully automated manufacturing line to produce high‑quality large‑format lithium‑metal cells for testing and market development with automotive OEMs and cell manufacturers. The company intends to use the financing to achieve technical and market validation of its technology. Recent board additions include automotive and industry executives and investor representatives to support commercialization efforts. Sion Power is a developer of next-generation rechargeable batteries built around its proprietary Licerion® lithium-metal technology. Licerion® contains roughly twice the energy of a traditional lithium-ion battery in the same size and weight by using a lithium-metal anode and a patented manufacturing process. The company positions the chemistry as an enabling technology to significantly enhance performance for commercial and consumer electric vehicles. Under an agreement with Cummins, Sion Power will run a multi-year program to design and supply large-format lithium-metal cells for integration into Cummins' battery packs and electric powertrains for commercial vehicles. The article states Cummins has made an investment in Sion Power in connection with the agreement, though financial terms are not disclosed. The press release is datelined Tucson, Ariz., and emphasizes Licerion® as a robust, long-lasting rechargeable battery for demanding applications. Sion Power is a developer of next-generation lithium-sulfur (Li-S) rechargeable batteries focused on portable power and electric vehicle applications. The company is based in Tucson, Arizona and was established initially as Moltech Corporation in 1994. Sion has assembled a team of scientists and engineers and holds more than 100 U.S. and international patents on its Li-S technologies. Its lightweight, high-energy cells have enabled an unrefueled flight-endurance world record for unmanned aerial vehicles. Sion is pursuing commercialization of its proprietary Li-S technology for electric and plug-in vehicles and other high-energy applications over the next decade. The company recently received a $50 million equity investment from BASF, expanding their technical collaboration and providing a financial partnership to support development and commercialization.

Participated · Series B · Aug 2023

Mitra Chem is developing materials intended to make lithium‑iron‑phosphate (LFP) batteries store more energy. The company aims to produce cheaper, domestic LFP materials as automakers turn to LFP to lower EV battery-pack costs; currently all LFP material is sourced from outside the United States, with the majority from China. Mitra Chem is raising a planned $50 million round and has closed $15.6 million so far, according to a regulatory filing. South Korea’s L&F Corporation reportedly invested $10 million in March and is a likely participant in the new round. The startup previously closed a $60 million Series B in 2023 led by GM with participation from In‑Q‑Tel, Social Capital and others, and had a $20 million Series A in 2021 led by Social Capital. The company was awarded a $100 million Department of Energy grant last year to build a battery materials plant in Michigan; that award remains on the books but has not yet been paid out. The current fundraise comes amid slower‑than‑expected EV sales and political pressure in Washington that could affect EV incentives. Mitra Chem develops and commercializes iron‑based cathode active materials (CAM) such as lithium manganese iron phosphate (LMFP) for lithium‑ion batteries targeting EVs, grid storage and other electrification markets. The company pairs R&D, manufacturing, and physics‑informed machine learning to shorten lab‑to‑market timelines by more than 90% and can synthesize and test thousands of cathode designs monthly at gram‑to‑kilogram scale. Its atoms‑to‑tons acceleration platform automates formulation discovery, synthesis optimization, cell‑lifetime evaluation and process scale‑up via an in‑house cloud platform. Mitra Chem is positioning itself as a U.S.-based supplier to OEMs and battery cell customers and reports sample demand from nearly every global Tier‑1 cell maker and multiple household‑name automotive OEMs. The company says the Inflation Reduction Act has increased demand for domestically made battery materials and its products can help purchasers qualify for related tax credits. Financially, Mitra Chem announced a $40M first close of a $60M Series B to scale R&D and pilot operations and accelerate commercialization. The firm previously completed a $20M Series A in November 2021. Mitra Chem is building iron-based cathodes intended for non-Chinese battery applications to reduce U.S. exposure to China’s dominance of the battery supply chain. The company plans to manufacture cathodes and is constructing a lab in Mountain View, California, with pre-pilot production capacity targeted by mid-2022. Mitra Chem says it will use a machine-learning process pioneered by co-founder and Stanford materials professor Will Chueh to accelerate scaling from lab to production. CEO and co-founder Vivas Kumar previously worked on Tesla’s battery supply chain and frames the effort as both a geopolitical and commercial response to growing EV demand. The startup is positioning iron chemistry as a cost-effective option that automakers—including Tesla—are increasingly adopting as patents expire and demand shifts. Board additions include investor Chamath Palihapitiya and supply-chain executive Will Drewery.