ESG Today writes that Sion Power will use the funding in order to expand its technology and to build a fully automated manufacturing line, which will be used to produce large and high-quality lithium-metal cells for the automotive industry.

Arizona-based Sion Power develops next-generation energy storage systems for the automotive and aerospace industries, such as the Licerion lithium metal technology, which uses compression when manufacturing lithium-metal batteries in order to improve the safety of these cells.

The Licerion technology has been demonstrated successfully so far in a battery with a size of 20Ah and the company now targets the development of a 56Ah cell.

Tracy Kelley, Sion Power’s CEO, said that "every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because Licerion directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion."

LG Energy Solution and Euclidean Capital are among the investors who funded the 75 million USD financing round. LG officials said that "this investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry. We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas."

Photo source: Sion Power