LG leads $75 million funding for EV battery maker Sion Power

Electric vehicle (EV) battery maker Sion Power Corporation has announced today that it has secured $75 million in funding. This Series A funding is led by South Korean battery manufacturer LG Energy.

Other participants in this funding round include existing investor and mathematician Jim Simon’s Euclidean Capital and new investment came from former Google CEO, Eric Schmidth’s Hillspire LLC.

The company has arranged a new board of members including automotive executive Stefan Jacoby, Stanford professor, entrepreneur, and Managing Partner at Innovation Endeavors, Scott Brady, Robert McIntyre, Managing Director of LG Technology Ventures, and Hansol Kim, Managing Partner of Bricks Capital Management.

Sion Power is known for its Licerion technology, which uses compression in a lithium metal battery to enhance safety, lifetime, and recharging cycles.

The company has also filed IP for this technology and already demonstrated this Licerion concept in a large energy capacity battery cell of up to 20Ah. The battery maker mentioned that it’s currently developing capacity to reach 56Ah.

Sion Power revealed that this investment will help the company to increase technical and market validation of its technology. The company also aims to build a fully automated manufacturing line to produce high-quality large-format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.

“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because LicerionTM directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells,” said Tracy Kelley, Sion Power’s CEO.

(source – Sion Power)