Enevate, a US-based battery technology developer backed by conglomerate Sumitomo, chemicals producer LG Chem, energy company Bangchak and consumer electronics manufacturers Samsung and Lenovo, raised $81m in series E funding on Wednesday.
Investment and financial services group Fidelity Management & Research led the round, which included venture capital firms Mission Ventures and Infinite Potential Technologies. The company said it has now secured $191m in funding altogether.
Founded in 2005, Enevate develops silicon-dominant lithium-ion battery technology intended to help electric vehicles (EVs) charge more quickly.
The funding will be used to bolster Enevate’s pre-production line and increase headcount at the company, with scientists and engineers a priority.
Sumitomo vehicle Presidio Ventures took part in a $24m series B round for the company in 2012 that was led by CEC Capital and backed by Tsing Capital and existing investors Mission Ventures and DFJ, bringing its overall funding to $29.3m.
Infinite Potential Technologies, Mission Ventures and Tsing Capital co-led Enevate’s $30m series C round in 2015, investing alongside Presidio Ventures. All four returned in a 2018 round of undisclosed size that also featured LG Chem, Samsung, Lenovo, DFJ and CEC Capital.
The company received funding shortly afterwards from Alliance Ventures, the joint venture between automotive manufacturers Renault, Nissan and Mitsubishi, and a similarly undisclosed amount from Bangchak’s Initiative and Innovation Center in 2019.
A spokesperson from Samsung unit Samsung Venture Investment Corporation said: “As an investor, we believe Enevate’s technology possesses a combination of advantages that is highly attractive to both the EV and power tool battery markets in both pouch and cylindrical cell formats.
“The advantages are enabled by Enevate’s unique silicon anode technology, which attracted us as an investor. We congratulate Enevate’s funding achievement on its expeditious path to commercialisation.”
