Sion Power raises $75 million to commercialize its proprietary Licerion technology for electric vehicles
25 January 2024
Sion Power Corporation , a leading developer of next-generation battery technology for electric vehicles (EVs), today announces it has secured $75 million in Series A funding The round was led by leading global battery maker LG Energy Solution (the investment will be executed through LG Technology Ventures and Bricks Capital Management) and renewed participation from mathematician Jim Simons' Euclidean Capital. The company also secured new investment from Hillspire LLC, from former Google CEO Eric Schmidt.
New board members include seasoned automotive executive Stefan Jacoby ; Stanford professor, entrepreneur and managing partner of Innovation Endeavors, Scott Brady; Robert McIntyre, managing director of LG Technology Ventures; and Hansol Kim, managing partner of Bricks Capital Management.
Sion Power is the developer of Licerion TM technology .This technology uses compression in a lithium metal battery to improve safety, lifespan and recharge rates. According to Sion Power, any lithium metal system will require compression to have a viable energy storage system. The company has built very strong intellectual property around this concept. The performance of Licerion TM has been demonstrated in high energy capacity battery cells (up to 20 Ah) and the battery is currently in development to reach 56 Ah.
“Every automaker now has an EV strategy with billions invested in the market. Our technology is attractive because Licerion TM directly alleviates the anxiety drivers feel about finding a charging station, providing up to twice the power of conventional lithium-ion. The support from our investors demonstrates the maturity of our technology and the value of our approach to bringing lithium-metal cells to reality,” said Tracy Kelley, CEO of Sion Power.
“We invested in Sion Power because its strong IP portfolio is critical to deploying lithium-metal technology at commercial scale. Its technology is superior to that of a conventional battery, with a scalable manufacturing process that offers a faster and less expensive solution,” said Jim Simons, Chairman of the Board of Euclidean Capital.
With this new capital, Sion Power will achieve the technical and commercial validation of its technology. The company plans 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.
“Sion Power is the industry leader in providing the automotive industry with its lithium-metal anodes and all the benefits that come with them. Its technology will significantly increase the adoption of electric vehicles by increasing range at a reduced cost for lithium batteries. This is the solution the automotive industry has been looking forward to and I am happy to join the company's board of directors,” says Stefan Jacoby, Chairman of the Board of Directors of Sion Power.
LG Energy Solution, a leading global lithium-ion battery manufacturer, has decided to invest in Sion Power to secure early access to next-generation battery technologies and strengthen its market leadership. This investment could lead to technological partnerships with Sion Power, based on separate agreements between the two parties.
“This investment is a strategic decision aimed at consolidating our leadership in the development of next-generation technologies in the battery industry,”concludes a spokesperson for LG Energy Solution.