As per PV Magazine, some of the funding will also go towards the development of fast-charging batteries for EVs and some of the participants in the funding round were Lilium, Applied Ventures and Catalus Capital.
Ionblox researchers claim that the specially-treated lithium-ion batteries have 50% more energy density compared to traditional cells, while also offering five times the amount of power.
On top of that, just 10 minutes of charging should provide 80% of the maximum power to the battery, making these cells smartphone-fast in terms of charging speed.
Experts at Idaho National Laboratory verified the performance and safety of the technology themselves and concluded that it works as intended.
Also, even after 1.000 fast-charging cycles, the batteries retain around 90% of their original capacity.
Yves Yemsi, chief operating officer at Lilium, said that "the Ionblox technology enables one of the highest performance cells for eVTOL aircraft existing today."
The United States Advanced Battery Consortium signed a development contract with Ionblox so that the company will manufacture affordable, rapid charging capable batteries for various electric vehicles.