Ion Storage Systems, a Beltsville, MD-based company that manufactures high energy density, solid state lithium metal batteries, raised $30M in Series A funding.
The round was led by Toyota Ventures, Tenaska, Bangchak Corporation, GAINTECH Capital, Alumni Ventures Group, Z2Sixty Ventures, Climate Capital, and the University of Maryland Discovery Fund.
The company intends to use the funds to expand its facility at its Beltsville, MD headquarters to commission and qualify a battery cell manufacturing line capable of producing 10MWh/yr of next-generation solid-state batteries. Production will initially be allocated to qualifying commercial cells for its first market customers, generating commercial revenue by the end of 2023. The round will also accelerate the development projects ION has with multiple customers and partners in the consumer electronics, automotive, and stationary storage markets.
Led by CEO Ricky Hanna, Ion Storage Systems manufactures high energy density, solid state lithium metal batteries that require no external heating or compression. Its patented battery design is nonflammable, enables fast-charging capabilities, provides wide operating temperatures, reduces volume and weight of the cells, and is compatible with current and next generation cathodes, including high voltage cathodes that are nickel and cobalt-free. The technology allows it to design products for multiple markets including consumer electronics, electric vehicles, and grid storage customers.