Sion Power
Assembly Line
Sion Power Raises $75 Million to Commercialize Its Proprietary Licerion Technology for Electric Vehicles
Sion Power Corporation, a leading technology developer of next-generation batteries for electric vehicles (EV), announces that it has secured $75 million in Series A funding. The round was led by leading global battery manufacturer LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. The company also secured new investment from former Google CEO, Eric Schmidt’s Hillspire LLC.
Sion Power is the developer of LicerionTM technology. This technology uses compression in a lithium metal battery to enhance safety, lifetime and recharging rates. It is the Sion Power belief that any lithium metal system will require compression to have a viable energy storage system. The company has developed very robust intellectual property around this concept. LicerionTM has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and it is currently in development to reach 56Ah.
With this new capital, Sion Power will achieve technical and market validation of its technology. The company plans to build a fully automated manufacturing line to produce high quality large format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.