American Battery Factory, an American Fork, UT-based Lithium Iron Phosphate (LFP) battery cell manufacturer, raised development capital in Series A funding.
Investors included Lion Energy, hybrid manufacturing partner FNA Group, as well as a battery-cell equipment manufacturing company.
Led by CEO Jim Ge, American Battery Factory is a Lithium Iron Phosphate (LFP) battery cell manufacturer advancing a network of safe LFP cell giga-factories in the United States.
The company intends to use the funds to create assembly facilities utilizing robotic and AI technologies to drive down costs and increase production.
Investor Lion Energy, a developer and manufacturer of high-quality energy storage products for personal and commercial use, incubated ABF for 18 months before its launch to the public in March 2022. ABF entered into an offtake agreement with Lion Energy in May 2022 to deliver 18 GWh of LFP battery cells beginning with high-capacity prismatic cells offering 105 to 300 Ah outputs. These are designed for a range of Lion Energy solutions, including portable solar generators along with residential, commercial and utility grid-level lithium battery-based energy storage systems.
In addition, ABF will work with FNA Group to build top-of-the-line automation products for its gigafactory. This will allow the company to create fully automated, fast assembly facilities utilizing robotic and AI technologies to drive down costs and increase production. Quality control through these strategic partnerships will also enable ABF to replicate the battery cell with consistent results.
FinSMEs
21/08/2023