AAA SolidEnergy recharges with $30m series C

SolidEnergy recharges with $30m series C

SolidEnergy Systems, a US-based lithium battery technology developer backed by corporates including carmaker General Motors, has raised $30m in series C funding from undisclosed investors, China Money Network reported on Tuesday.

Spun out of the Massachusetts Institute of Technology in 2013, SolidEnergy is using an ultra-thin lithium metal anode and a combination of solid polymer and ionic liquid to develop batteries that will be lighter than traditional systems with a higher energy density.

Hermes, a battery aimed at the drone and aviation market, is already available and SolidEnergy plans to launch a product aimed at the personal electronics market in 2018, followed by a battery for electric vehicles in 2020.

General Motors led SolidEnergy’s $12m series B round in 2015 alongside contributions from semiconductor production equipment provider Applied Materials and car manufacturer SAIC Motor.

The company’s $45m series A round closed in 2013 and was backed by Singapore state-owned firms Temasek and Vertex Ventures as well as Shanghai Qianyang Investment Management.

Leave a comment

Your email address will not be published. Required fields are marked *