Battery supplies startup Sicona Battery Applied sciences has raised AU$22 million in a Sequence A for its plans in Australia and the US.
The spherical was led by India’s Himadri Speciality Chemical Ltd, Australian VC Artesian, and Electrification & Decarbonization AIE LP, a fund managed by Waratah Capital, alongside backers together with Riverstone Ventures, Chaos Ventures, Investible Local weather Tech Fund LP and Membership Investible by its Local weather Tech fund.
Entrepreneur Christiaan Jordaan and supplies scientist Andrew Minett based Sicona in 2019, getting down to develop next-generation battery know-how utilized in
the anodes (detrimental electrodes) of lithium-ion batteries used for electrical automobiles and renewables storage.
They’re ben commercialising silicon-graphite composite know-how and supplies researchers on the College of Wollongong’s Australian Institute for Revolutionary Supplies for greater than a decade. The startup beforehand raised $3.7 million in a pre-Sequence A in August 2021, led by Riverstone and Artesian.
Sicona’s present technology silicon-composite anode know-how presents 50-100% larger capability than typical graphite anodes.
“Sicona’s core product is an modern silicon steel primarily based silicon-composite battery anode know-how enabling greater than 50% enhance in vitality density of current Li-ion batteries,” Jordaan, Sicona’s CEO, stated.
“By utilizing silicon steel (and never costly, provide chain constrained and harmful silane gasoline like our rivals) Sicona can supply low-cost silicon anode supplies at giant automotive scale regionally in main markets.”
The Wollongong-based startup is now seeking to construct a silicon-carbon manufacturing plant within the south japanese United States to serve that market.
Jordaan stated the contemporary capital will present important development capability within the US over the following yr.
“Welcoming one of many main world speciality chemical firms as a strategic investor in our Sequence A spherical permits us to speed up our mission of changing into a serious producer of cost-effective silicon composite anode supplies,” he stated.
“Our silicon metal-based know-how decouples us from the foremost bottlenecks and value implications of silane gas-based applied sciences and gives our prospects the boldness that we are able to ship a silicon-carbon anode materials at a capital depth and $/kg value which is possible for mass-automotive market adoption.”