Li-S company Sion Power raises $ 50M
27 December 2011
Lithium-sulfur battery company Sion Power recently reported to the US Securities and Exchange Commission (SEC) that it raised $50 million in equity sold to undisclosed investors.
In 2010, Sion, a Brookhaven National Laboratories spin-off, received a three-year research grant worth up to $5 million from the United States Department of Energy Advanced Research Projects Agency - Energy (ARPA-E) (earlier post) for the development of practical, economical and safe lithium-sulfur (Li-S) batteries for powering electric vehicles. Sion’s award was one of 10 made to advanced battery projects by ARPA-E during this second round of project funding.
Performance targets for this program are to exceed 500 Wh/kg and 500 cycles at commercially viable recharge rates. By 2016, the goal is to produce a cell with 600 Wh/kg and 1,000 cycles. Sion Power believes that by utilizing Li-S technology, a battery pack weighing less than 700 lbs (318 kg) can power a 3,500 lb (1,588 kg) five-passenger vehicle more than 300 miles (483 km).
In 2009, Sion Power Corporation and BASF SE signed a Joint Development Agreement (JDA) to accelerate the commercialization of Sion Power’s proprietary lithium-sulfur (Li-S) battery technology for the electric vehicle (EV) market and other high-energy applications. (Earlier post.)
Privately held Sion Power Corporation was established initially as Moltech Corporation in 1994, and holds more than 100 US and international patents on its technology.
sounds big. this one great move to advance the business. would love to read articles on business advancement in 2012. cheers! premium efficiency motors
Posted by: Alfalfa | 27 December 2011 at 10:45 PM