US-based lithium-metal battery developer Sepion Technologies has completed a $16m series A round that included mutual insurer ITIC and Solvay Ventures, the strategic investment arm of chemicals producer Solvay.
The round was led by Fine Structure Ventures, a fund affiliated with investment and financial services group Fidelity, and also backed by 11.2 Capital, SV Pacific Ventures, Gaingels, Impact Science Ventures, Dolby Family Ventures, ACVC Partners, Alumni Ventures, VoLo Earth Ventures, Motus Ventures, Calm Ventures and Creative Ventures.
Spun out of Lawrence Berkeley National Laboratory, Sepion is utilising polymer chemistry, nanoscience and cell engineering to develop lithium-ion (li-ion) batteries which use lithium metal instead of graphite anodes.
The company also disclosed it had previously raised an undisclosed sum in a seed round led by Creative Ventures, without giving further details. The cash will support the growth of its battery cell fabrication and testing resources.
Nicolas Cudré-Mauroux, chief technology officer of Solvay, said: “In addition to being a groundbreaking solution, Sepion’s technology can be readily adopted as it leverages the current Li-ion manufacturing infrastructure and liquid electrolytes. As a leader in li-ion electrolyte additives, Solvay provides a complementary expertise to Sepion’s core technology.”
