Ionblox raises $24 Million to support commercialization of high energy plus high power battery cells

Ionblox, a high-performance lithium-ion cell company, closed a $24 million Series B investment round with Lilium, developer of the first all-electric vertical take-off and landing (eVTOL) jet; Applied Ventures, LLC; Catalus Capital, a multi-strategy private equity firm; and a global investment company.

“Ionblox has launched the only commercially scalable battery with a silicon dominant anode that can simultaneously provide high energy, high power, 1,000 fast charge cycles, and a clear path to low-cost production today,” says Sujeet Kumar, chief executive officer of Ionblox. “Our unique batteries can be scaled up with low risk and at a competitive cost, because we use commercially available materials and proven production processes and equipment, rather than costly and hard-to-scale proprietary materials.”

Ionblox addressed the challenges of using silicon as an active material, including swelling and irreversible capacity loss, and created a groundbreaking cell design delivering the key performance attributes automotive and aviation applications require, namely high energy, high power, fast charging, high cycle life, and low cost. The company’s batteries are ideally suited for high performance automotive and aviation applications, where the combination of these features can drive the electrification of transportation.

“The long-term success of the eVTOL regional air mobility revolution depends on the continued development of high-performance batteries,” says Yves Yemsi, chief operating officer of Lilium. “After an extensive review we believe that Ionblox’s pouch cell technology will be very well positioned to achieve superior combined performance for high power and high energy density, and we are very excited to continue our joint development.”

The company will use the investment to continue scaling operations and increasing manufacturing capabilities as it ramps up production in the United States. Ionblox will invest in the hiring and further expansion of the team, including manufacturing talent.

“Applied Ventures is very impressed with the tremendous progress Sujeet and the Ionblox team have made developing silicon anode batteries in collaboration with Applied Materials, Lilium and EV companies,” says Anand Kamannavar, global head of Applied Ventures. “We look forward to supporting Ionblox in accelerating commercialization of its next-generation batteries.”

Ionblox received its third development contract from the United States Advanced Battery Consortium LLC (USABC) providing $3.5 million in cost share for the development of low-cost, fast-charge electric vehicle batteries.