Group1, an Austin, TX-based, UT Austin affiliated startup developing Potassium-ion battery (KIB) technology, raised USD250k in funding.
Discovery to Impact at The University of Texas at Austin made the investment.
The company intends to use the funds to increase its workforce, expand production capacity of their product potassium cathode material, Kristonite™, to pilot-scale, and forge business partnerships with Tier1 cell and automotive manufacturers that wish to establish a domestic, “lithium alternative” solution.
Led by Alex Girau, CEO and Co-founder, and Leigang Xue, Chief Product Officer and Co-Founder, Group1 will commercially produce KIBs, an energy storage solution free of critical minerals such as Lithium, Cobalt, Nickel, and Copper, while facilitating domestic manufacturing and further strengthening U.S. energy security. Its product, Kristonite™, a 4V cathode material — Potassium Prussian White (KPW) — enables KIBs that can deliver faster charging with enhanced safety and higher energy density when compared to Lithium Iron Phosphate (LFP)-based LIBs or Sodium-ion batteries (NIB). To date, the company has raised $7.5m to bring KIB technology to market and is currently in the early phases of engagement with supply-chain partners and several of the largest and most reputable cell manufacturers, domestic and globally.
FinSMEs
29/08/2023