Sila Nanotechnologies raises $50Mn, to set up battery-materials facility
Category: #business  By Pranali Mehta  Date: 2021-01-28
  • share
  • Twitter
  • Facebook
  • LinkedIn
Sila Nanotechnologies raises $50Mn, to set up battery-materials facility

California-based battery materials firm- Sila Nanotechnologies has raised USD 50 million in fresh funds, pushing its valuation to USD 3.3 billion.

Reportedly, the Series F funding round was headed by Coatue and saw the participation of T. Rowe Price Associates, Inc. Present investors- Bessemer Venture Partners, 8VC, CPP Investment Board, and Sutter Hill Ventures.

With the latest investment, the company aims at hiring nearly 100 people in the year 2021 and build a facility in North America which will be capable of manufacturing 100 GWh of silicon-based anode material, that is used in batteries for automobiles and smartphones.

For the record, the company has developed advanced technologies that pack more energy into a cell at an affordable rate and partnered with Amperex Technology Limited and automobile companies like BMW and Daimler on the same. Additionally, the company is gearing up to launch its novel technology into the market.

In a statement by the company, although the location of the new factory has been disclosed yet, it plans to start production at the unit in 2024. The materials manufactured at the facility will be used in electric vehicles by 2025.

According to Gene Berdichevsky, Co-Founder and CEO, Sila Nanotechnologies, it took the company eight years and nearly 35,000 iterations to develop a new battery technology. With the help of the raised funds, the company will be able to ramp up its production by setting up a new plant and making its technology available to its consumers by 2025, he added.

Notably, with many leading automobile companies such as BMW, Kia, Ford, and Daimler focusing on introducing electric-vehicle variants, the demand for Sila’s silicon-based anode used in batteries will gain rapid demand due to its ability to pack in more energy.

Seemingly, in 2010, the production of battery was estimated at 20 GWh and is likely to jump to 2,000 GWh annually by 2030 and 30,000 GWh per year by 2050.

As per reliable sources, the company began the production of its battery material technology in 2018. The first product line is capable of manufacturing the material to supply the equivalent of 50 megawatts of Li-ion batteries.

Source Credit: https://techcrunch.com/2021/01/26/sila-nanotechnologies-raises-590m-to-fund-battery-materials-factory/ 

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Edtech firm Jovian bags $1.5M to expand its team of data science experts
Edtech firm Jovian bags $1.5M to expand its team of data science experts
By Pranali Mehta

Jovian, a Bengaluru-based e-learning platform for data science and ML, has recently raised $1.5 million in the seed funding round to expand its talent of data science experts to improve its curriculum and offer personal mentorship to its growing stud...

Broadcom delivers automotive Ethernet switch with the highest bandwidth
Broadcom delivers automotive Ethernet switch with the highest bandwidth
By Pranali Mehta

Broadcom Inc., a global technology leader specializing in semiconductor and infrastructure software products, has recently announced that it has successfully supplied BCM8958X, the highest bandwidth automotive Ethernet switch device designated to add...

Square partners with VROMO to help restaurants strengthen delivery ops
Square partners with VROMO to help restaurants strengthen delivery ops
By Pranali Mehta

VROMO, a delivery management software solution provider that works in the restaurant sector, is reportedly collaborating with Square, a financial services and digital payments company, to allow more businesses to use its delivery and third-party...