Sila Nanotechnologies, a US-based advanced battery materials developer backed by corporates Amperex, Daimler, Samsung and Siemens, obtained $45m in funding on Monday from sovereign wealth fund Canada Pension Plan Investment Board.
The company is now valued at more than $1bn.
Sila Nano is working on a silicon-based anode for lithium-ion batteries that replaces the current standard of graphite-based anodes, potentially making batteries lighter and safer all while increasing energy density by 20% to 40%.
The technology does not require changes to current manufacturing processes. The latest investment will support the company as it prepares for a commercial release of its first batteries.
Sila has also appointed Kurt Kelty, who earlier led the battery cell team at electric vehicle maker Tesla, as vice-president of automotive. Bill Mulligan, former executive vice-president of global operations at solar panel producer SunPower, has been named chief operating officer.
The latest transaction has brought Sila Nano’s total equity financing to $340m. Carmaker Daimler led a $170m series E round in April 2019, with participation from industrial technology and appliance producer Siemens’ Next47 unit.
The series E round also included 8VC, Bessemer Venture Partners, Chengwei Capital, Matrix Partners and Sutter Hill Ventures. The latter had led a $70m series D round in August 2018, with participation from Next47 and lithium-ion battery producer Amperex.
Consumer electronics manufacturer Samsung is also among Sila Nano’s earlier backers, as is In-Q-Tel, the investment affiliate of the US intelligence community, though details about their involvement have not been disclosed.
