Ionblox raises $24M Series B to support the commercialization of high energy & high power battery cells; Lilium an investor
Ionblox (previously known as Zenlabs Energy, earlier post), a high-performance lithium-ion cell company, closed a $24-million Series B investment round with Lilium, developer of an all-electric vertical take-off and landing (eVTOL) jet (earlier post); Applied Ventures, LLC; Catalus Capital, a multi-strategy private equity firm; and a global investment company.
Ionblox says it has addressed all the well-known challenges of using silicon as an active material, including swelling and irreversible capacity loss, and created a cell design that can deliver the key performance attributes that automotive and aviation applications require: i.e., high energy, high power, fast charging, high cycle life, and low cost.
The company’s batteries are 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. 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.—Yves Yemsi, chief operating officer of Lilium
The company will use the investment to continue scaling operations and increasing manufacturing capabilities as it ramps up production in the United States. Additionally, Ionblox will invest in the hiring and further expansion of the team, including manufacturing talent.
Earlier this year, 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. (Earlier post.)