US-based advanced battery developer SolidEnergy received $12m in series B funding on Friday from backers including Applied Materials and automotive manufacturer SAIC Motor.
The round was led by an undisclosed “major” US carmaker, while Applied participated through its Applied Ventures unit. SolidEnergy previously raised $6.7m from undisclosed backers in a round that closed in September 2015.
Founded in 2012, SolidEnergy is working on an ‘anode-free’ lithium-ion battery that could hypothetically be denser and safer than existing technology. It will ultimately be utilised in drones, watches and wearable technology, smartphones and electric cars.
Qichao Hu, founder and CEO of SolidEnergy, said: “Our new strategic investors are very experienced in battery investments and have very high standards. We are all very excited for the high energy density that our anode-free batteries have demonstrated in practice, not just on paper.
“Strategic investments will help us build an ecosystem around our anode-free battery by establishing partnerships with equipment suppliers, battery manufacturers and battery end users. We are humbled by the challenges and are very excited to play a role in the electrification of transportation and reduction of greenhouse gas emission worldwide.”