Lionano, a Woburn, MA-based developer and manufacturer of advanced battery energy storage technologies for the electric vehicle and consumer electronics markets, completed a $22m Series B financing.
The round was led by Wave Equity Partners, Helios Capital Ventures and NXT Ventures.
The company intends use the funds to scale up commercial production and global deployment of its cathode materials.
Founded in 2013 by Héctor D. Abruña, Professor of Chemistry and Chemical Biology at Cornell University, and Siyu Huang, Chief Operating Officer and co-founder, Lionano provides technology has been scientifically validated to increase the energy density of rechargeable lithium-ion batteries. Through research and development, the company invented a proprietary cathode material that is nano-engineered to create batteries with increased storage capacity and cycle life, enabling lighter and lower cost consumer electronics, and longer range for electric vehicles.
Lionano plans to ramp up production to 10,000 tons per year by the end of 2019.