US-based solid-state battery technology developer Ionic Materials raised $65m yesterday in a series C round that, according to Bloomberg, included Alliance Ventures, the fund formed by carmakers Renault, Nissan and Mitsubishi.
Bill Joy, a co-founder of computer systems producer Sun Microsystems, also participated in the round, having been an investor since Ionic was founded. It also featured “companies from the battery manufacturing, consumer electronic and electric vehicle ecosystem,” according to Ionic.
Ionic has created a polymer it claims is the first solid electrolyte that is compatible with lithium and alkaline-based batteries while being capable of functioning at room temperature.
The polymer would replace the relatively costly and flammable liquid electrolyte currently used, and Ionic intends to supply it to manufacturers of batteries for consumer electronic devices, electric vehicles and energy storage systems, as well as rechargeable alkaline batteries.
Mike Zimmerman, Ionic Materials’ founder and chief executive, said: “This funding round will allow us to add to our talented technical staff while continuing to engage and partner with companies interested in developing tomorrow’s solid-state battery technology today.”
Alliance Ventures, which was launched last month, intends to collaborate with Ionic on research and development, Zimmerman told Bloomberg. The company has not disclosed details concerning its earlier financing.