Battery technology startup Sion Power announced that it successfully raised $75 million in an early-stage funding round. The funding was led by South Korean battery manufacturer LG Energy Solution, with additional investment coming from Hillspire, the family office of former Google CEO Eric Schmidt. Sion Power aims to use the funds to seek technical and market validation of its Licerion battery technology and plans to establish a manufacturing line for lithium-metal cells.
The Licerion battery technology developed by Sion Power is known for its ability to deliver high energy density, allowing for the storage of more power in a cell, and high power output relative to the battery’s mass. The company did not disclose the valuation at which it raised the funds. Sion Power anticipates its battery technology to be integrated into vehicles on the road by 2027.
In a time when automakers are actively exploring electric vehicle (EV) battery formats and chemistries to reduce production costs and increase the range of EVs, Sion Power’s Licerion batteries are positioned for use in various EV applications, including high-performance, compact, and economy vehicles. The batteries can be adapted to meet different performance requirements.
LG Energy Solution, a major backer of Sion Power, has existing supply agreements with Toyota and joint ventures for battery manufacturing with Hyundai and Honda. The recent investments in battery startups and electric vehicle technology, driven by the Inflation Reduction Act enacted in August 2022, aim to bring supply chains to the United States. General Motors, for instance, invested in Mitra Chem, a Silicon Valley battery technology startup, to expedite the development of more affordable battery chemistry.
Sion Power also announced new additions to its board, including former executives from GM, Volvo, and Volkswagen, namely Stefan Jacoby, Stanford professor Scott Brady, and Robert McIntyre, Managing Director of LG Technology Ventures.
