SAN FRANCISCO, March 26, 2024 /PRNewswire/ — Ionobell, a company that develops silicon battery technology for electric vehicles and other applications, aiming for increased range and performance at a lower cost, announced that they have raised a recent seed extension round of $3.9M led by Dynamo Ventures and Trucks VC bringing the total amount funding to $7.3M in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures.
Ionobell has expertise in battery material and cell development, alongside several decades of energy storage, Li-ion, and fabrication knowledge and experience are used to build battery technology that will help automotive clients save up to $1,200 per vehicle.
Traditionally, building batteries is a large-scale, long process that eats up time, money, and resources. Many battery companies in the space are unable to reach production scale because of the costs of building their batteries. The landscape is littered with failed or failing battery companies, unable to afford the billions of dollars, hundreds of technologies, and decades of process development time needed to achieve viable battery production, thereby stifling innovation and resulting in your car today still using the same battery technology from 20 years ago. The only way to drive major innovation is by creating a “drop-in solution”, which allows over 100 battery production facilities opening in the US to immediately upgrade and produce better battery solutions without massive new capital expenditure. Ionobell is actively working with the largest manufacturers in the business to license its battery technologies and make this a reality.
Ionobell’s silicon material is 500% more energy-dense than Graphite and with its porous structure, it still meets the lifecycle needs of automotive, even in solid-state designs, enabling greater range, faster charging, and lower costs than existing batteries. Additionally, Ionobell’s novel approach reuses waste materials to significantly reduce the environmental impact for its industry partners, further enabling the circular economy.
“Almost every single product we use in our daily lives, from our phones to our cars to our coffee machines, uses batteries,” says Robert Neivert, CEO of Ionobell. “The average consumer, however, doesn’t realize that a multitude of different technology providers and partnerships produce these batteries. At Ionobell, we want to give manufacturers and producers better solutions for their demanding battery customers. This means creating silicon-forward batteries that are more energy-efficient and cost-effective. They are also a “drop-in solution” with their existing processes/equipment, both solid-state and standard Li-Ion. We’re powering the technology that powers people’s lives.”
With this funding, Ionobell plans on expanding its production across the United States. Moreover, it aims to bring its transformative recycled battery material to new manufacturers and a broader array of industries. Currently, they work extensively with the world’s largest automotive manufacturers in the US.
“At Dynamo, we believe in investing in the future of supply chain and mobility,” says Jon Bradford, Managing Partner of Dynamo Ventures. “Ionobell’s novel battery technology from reused materials that can power the technology in our everyday lives. Moreover, the impact ripples from product inception through manufacturing, transportation, supply chain, and end use, encompassing conception to distribution. Ionobell leads the charge in creating a greener global industry by literally powering the future, driving towards environmental improvement.”
