Battery startup Sila has raised $375 million, which will help fund the completion early next year of its manufacturing facility in Eastern Washington. It broke ground on the plant in November.
Sila expects to produce enough of its Titan Silicon anode material at the site to help power a million cars. The anode ingredient increases a battery’s energy density by 20% or more compared to traditional graphite batteries, according to the company.
Sila launched in 2011 and is based in Alameda, Calif. With the new funding, the startup has now raised more than $1.3 billion from investors and $100 million from the U.S. Department of Energy.
The company is part of a cluster of battery materials manufacturing in Moses Lake, Wash., that includes Group14 Technologies and OneD Battery Sciences. All three are producing silicon-enhanced chemicals for making batteries higher performing and faster charging.
“To transform the world and meet consumer expectations, the industry needs to take the next big step on battery performance and charging speeds. With Sila, automakers can deliver next-generation EVs that will win over those who expect more from their electric experience,” said Gene Berdichevsky, Sila co-founder and CEO.
Sila’s plant will manufacture Titan Silicon for Mercedes-Benz and Panasonic plus three unnamed customers.
The Series G round was led by existing investors Sutter Hill Ventures and funds and accounts advised by T. Rowe Price Associates. The funding also comes from new investors as well as existing investors Bessemer Venture Partners, Coatue, Perry Creek Capital and others.
https://ift.tt/yo4v6Mg June 27, 2024 at 03:26PM GeekWire
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