According to Charged EVs, Applied Ventures, Lilium and Catalus Capital are among the top investors in the funding round.

Ionblox CEO Sujeet Kumar said that "Ionblox has launched the only commercially scalable battery with a silicon-dominant anode that can simultaneously provide high energy, high power, 1,000 fast-charge cycles, and a clear path to low-cost production today."

Ionblox officials say that the company's engineers have solved the issues regarding the use of silicon as an active material in batteries, including capacity loss and swelling.

The batteries they were able to create are suitable for automotive and aerospace applications, since these require higher energy density, fast charging and long-term battery cell reliability.

Yves Yemsi, COO of Lilium, said that "after an extensive review we believe that Ionblox’s pouch cell technology will be very well positioned to achieve superior combined performance for high power and high energy density, and we are very excited to continue our joint development."