Cuberg has developed more efficient battery cells that are used by clients such as Boeing, whose corporate venturing arm is a shareholder in the Stanford spinout.
Cuberg, a US-based advanced battery cell developer spun out of Stanford University, was acquired by lithium-ion battery manufacturer Northvolt for an unspecified amount yesterday.
Founded in 2015, Cuberg has developed lithium metal cells for electric mobility that can be manufactured using existing lithium-ion production facilities. The cells provide more than 70% increased range and capacity versus comparable batteries.
Northvolt will establish a technology centre in Silicon Valley to deploy Cuberg’s technology at scale within three years, beginning with electric aviation.
Richard Wang, chief executive and co-founder of Cuberg, said: “We are very excited to join forces with Northvolt to build the future of clean energy together.
“Northvolt brings incredible technology and manufacturing capabilities that will accelerate the commercialisation and adoption of our lithium metal technology. Their deep engineering experience and bold spirit perfectly complement Cuberg’s own culture of rapid innovation.”
Cuberg raised an undisclosed amount from Boeing HorizonX, the corporate venturing division of aerospace and defence company Boeing, in 2018. It had previously obtained $900,000 in 2016 from an unnamed strategic partner and client in the oil and gas industry.
The spinout identified TomKat Center at Stanford University, Activate.org, California Energy Commission and US Department of Energy as investors in its acquisition announcement, but further funding details have not been revealed.
