Enevate, a developer of advanced silicon-dominant lithium-ion (Li-ion) battery technology featuring extreme fast charge and high energy density for electric vehicles (EVs) and other markets (earlier post), has secured an $81-million Series E funding led by Fidelity Management & Research Company. Existing investors Mission Ventures and Infinite Potential Technologies also participated in the round. With this latest funding round, Enevate has raised $191 million to date.
Enevate said that the investment would enable it to expand significantly its pre-production line designed to guide EV and other battery customers toward implementing larger-scale battery manufacturing utilizing Enevate’s silicon-anode-based batteries. The funding would also enable Enevate to scale and grow. Included will be the hiring of additional personnel with an emphasis on scientists and engineers.
In January 2020, Enevate announced its new 4th-generation Si-dominant battery technology. The XFC-Energy technology delivers cell technology scalable for large-format pouch, prismatic and cylindrical EV cells (i.e., flexible anodes that can be stacked or wound) suitable for various battery module and pack architectures. It achieves 800 Wh/L and 340 Wh/kg in large-format EV cells.
Enevate works with multiple automotive OEMs and EV battery manufacturers, enabling them to utilize existing manufacturing infrastructure with minimal additional investment, facilitating the next-generation of EVs that will eliminate customer pain points with EV ownership.
The company holds the largest portfolio of patents related to silicon Li-ion cell technologies when compared to startups worldwide, and includes a broad spectrum of advanced Li-ion cell innovations, including anode, cathode, electrolyte, separator, formation, cell design and cell architecture. Enevate now has patents in jurisdictions covering more than 95% of EV sales worldwide.
The Irvine, California-based company’s other investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung Venture Investment Corp, Draper Fisher Jurvetson, Tsing Capital, Presidio Ventures – a Sumitomo Corporation company, Lenovo, CEC Capital and Bangchak.