ESG Today writes that 2016-founded AM Batteries developed a process that significantly reduces the carbon footprint of manufacturing battery electrodes.

Lie Shi, CEO of AM Batteries said that "our approach has the potential to reduce energy usage and CO2 emission by 40% in the battery manufacturing process, creating an overarching net positive for the massive exponential growth of the EV market."

Porsche Ventures and Asahi Kasei were also among the investors who participated in the 30 million USD round.

Lisa Coca, Climate Fund partner at Toyota Ventures said that "batteries are integral to the energy transition, and AM Batteries’ dry electrode technology creates a necessary pathway for wide-scale deployment with a dramatically reduced CO2 emissions profile."

So far, AM Batteries raised a total of 60 million USD in funding and the company recently appointed Lie Shi as its CEO.