Sion Power Corporation, a developer of electric vehicle (EV) battery technology, has raised $75 million in a Series A funding round. The company plans to use the funds to support the commercialization of its next-generation lithium-metal cells for EVs. Sion Power will build a fully automated manufacturing line to produce large format lithium-metal cells for testing and market development. The company’s proprietary technology, called Licerion lithium metal, enhances safety, lifetime, and recharging rates in EV batteries. The funding round was led by LG Energy Solution, a global battery manufacturer, and included investment from Euclidean Capital and Eric Schmidt’s Hillspire LLC.
Sion Power’s CEO, Tracy Kelley, stated that the company’s technology addresses consumer anxiety about EV charging by delivering up to twice the energy as conventional lithium-ion batteries. LG Energy Solution invested in Sion Power to secure competitive next-generation battery technologies and enhance its market leadership. The funding may lead to future technological partnerships between the two companies. Sion Power’s funding round highlights the growing interest and investment in EV battery technology as the market for electric vehicles continues to expand.
