Solid-state battery company Ion Storage Systems raises US$30 million in Series A

Share on linkedin
Share on twitter
Share on reddit
Share on facebook
Share on email

Ion Storage Systems (ION), a company that has developed a solid-state lithium-ion battery technology, has raised a US$30 million Series A to expand its production facility and accelerate its entry into the stationary storage sector.

Automative giant Toyota’s VC arm Toyota Ventures, energy company Tenaska and Thai oil and energy conglomerate Bangchak Corporation took part in the fundraising round alongside several other investment groups.

The money will go towards the expansion of ION’s facility in Beltsville, Maryland (pictured), to commission and qualify a manufacturing line with an annual capacity of 10MWh of its next-generation solid-state batteries.

Phase one of its rollout will come next year when its first cells will go its first market customer, the US Department of Defense (DOD). It expects to generate commercial revenues from this by the end of 2023.

The Series A will also accelerate development projects the company has with partners and customers in the consumer electronics, automative and stationary storage sectors, which are rollout phases two, three and four, respectively.

ION has to-date had the most traction within the military space, where it is building a Conformal Wearable Battery (CWB) for the DOD that can be carried by soldiers to extend the operating time of equipment and weapons systems. It also started a year-long paid evaluation with defense, aerospace and information technology company Lockheed Martin in December 2021 to assess its tech.

Lisa Coca, Climate Fund partner for Toyota Ventures, said: “ION’s bi-layer cell design is a breakthrough for the industry. The architecture addresses the technological barriers that have historically plagued solid state batteries, and it enables critical next-generation performance metrics for widespread adoption – including high-energy density, strong cycling performance, wide temperature range, and fast charging.”

Convention lithium-ion batteries use a liquid electrolyte which carries lithium-ions back and forth between electrodes, while solid-state batteries use a solid electrolyte instead. The benefit is a much lower thermal runaway risk and higher energy density, but no such battery has been commercialised to-date although many are working on it. Another company developing a solid state battery Dragonfly Energy Corp, just went public on the Nasdaq through a SPAC merger.

The main issue with solid-state batteries to-date has been in the need for compression to achieve optimal charging conditions, expansion and contraction of the cell during cycling, and the formation of dendrites at high currents due to voids created during discharge. Toyota Ventures’ Coca wrote about how ION’s technology has gotten around these in a recent blog on Medium.

Other participants in ION’s Series A included GAINTECH Capital, Alumni Ventures Group, Z2Sixty Ventures, Climate Capital, and the University of Maryland Discovery Fund.

Read Next

August 11, 2022
Norwegian renewable energy investor Magnora and the Alberta Investment Management Corporation have moved into the UK battery storage market.
August 11, 2022
State-owned Estonian energy company Eesti Energia is planning to build a 225MW pumped hydro energy storage facility, as part of a wider push to become independent of Russian energy.
August 10, 2022
The first battery energy storage system (BESS) in New York City using Tesla Megapacks, a 12MWh system in the Bronx by NineDot, has been inaugurated.
August 10, 2022
SPAC Mustang Energy PLC is increasing its effective stake in CellCube to around 25% while a company launching a vanadium mine project in Australia has injected US$3.5 million in a new flow battery maker.
August 10, 2022
Australian startup MGA Thermal has bagged around US$1 million in government funding for a 5MWh thermal energy storage project while Israel-based Brenmiller Energy has inaugurated a 1MWh unit in Brazil.

Most Popular

Email Newsletter