Ritz Venture Capital
Assembly Line
UNIGRID Battery announces $12 Million Series A round
UNIGRID Battery, a San Diego-based startup developing advanced sodium-ion batteries, announced a successful close of an oversubscribed $12 Million Series A funding round. The financing was Co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures and existing investor Foothill Ventures. The investment will accelerate and scale-up UNIGRID’s battery production to fulfill MWh-scale customer orders in the electric mobility and stationary storage markets.
A key strength to UNIGRID’s technology is its drop-in compatibility with conventional Li-ion battery manufacturing infrastructure, along with off-the-shelf availability of materials in the existing supply chain. As such, the team currently works with battery manufacturing partners to immediately scale its products, avoiding the need for highly customized equipment or the redesigning of tools, which has been a barrier for various next generation battery technologies. This has resonated well with customers and system integrators looking for immediate alternatives to Li-ion batteries.