SolidEnergy, a battery technology spinout of MIT, has received $34m from undisclosed investors, taking its total funding above $50m.
SolidEnergy Systems, a US-based lithium-metal battery technology developer spun out of Massachusetts Institute of Technology (MIT), closed a $34m series C round on Monday.
The company did not disclose the participants in the round, which it said increased its overall funding to more than $50m since it was spun out of MIT in 2012.
SolidEnergy is working on rechargeable semi-solid lithium-metal cells that could be produced using existing lithium-ion manufacturing technology.
Qichao Hu, founder and chief executive of SolidEnergy, said: “SolidEnergy plans to use the funds to expand our manufacturing capability both internally and through cell manufacturing partners.”
The funding was announced alongside news that Bud Collins, formerly CEO of battery technology provider NEC Energy Solutions, has joined the company as chief operating officer.
SolidEnergy completed a $6.7m financing round featuring undisclosed investors in 2015, before adding $12m in an early 2016 series B round led by an automotive manufacturer later reported to be General Motors.
Carmaker SAIC Motor and Applied Ventures, the corporate venture capital vehicle for semiconductor manufacturing technology provider Applied Materials, also participated in the 2016 round along with SolidEnergy’s series A investors.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
The GM, Applied Materials and SAIC-backed battery technology developer has received $34m from undisclosed investors, taking its total funding above $50m.
SolidEnergy Systems, a US-based lithium-metal battery technology developer that counts corporates General Motors, SAIC Motor and Applied Materials as investors, closed a $34m series C round on Monday.
The company did not disclose the participants in the round, which it said increased its overall funding to more than $50m since it was founded as a spinout of the Massachusetts Institute of Technology in 2012.
SolidEnergy is working on rechargeable semi-solid lithium-metal cells that could be produced using existing lithium-ion manufacturing technology.
Qichao Hu, founder and chief executive of SolidEnergy, said: “SolidEnergy plans to use the funds to expand our manufacturing capability both internally and through cell manufacturing partners.”
The funding was announced alongside news that Bud Collins, formerly CEO of battery technology provider NEC Energy Solutions, has joined the company as chief operating officer.
SolidEnergy completed a $6.7m financing round featuring undisclosed investors in 2015, before adding $12m in an early 2016 series B round led by an automotive manufacturer later reported to be General Motors.
Carmaker SAIC Motor and Applied Ventures, the corporate venture capital vehicle for semiconductor manufacturing technology provider Applied Materials, also participated in the 2016 round along with SolidEnergy’s series A investors.
