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Sion Power raises $75M to commercialize Licerion technology for EVs; new capital led by LG Energy Solution

Sion Power Corporation, a developer of next-generation batteries for electric vehicles (EV), secured $75 million in Series A funding. The round was led by leading global battery manufacturer LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. The company also secured new investment from former Google CEO, Eric Schmidt’s Hillspire LLC.

New board members include experienced automotive executive Stefan Jacoby, Stanford professor, entrepreneur and Managing Partner at Innovation Endeavors; Scott Brady; Robert McIntyre, Managing Director of LG Technology Ventures; and Hansol Kim, Managing Partner of Bricks Capital Management.

Sion Power is the developer of Licerion technology (earlier post). Licerion is based on a proprietary lithium metal anode and a system of redundant protection mechanisms.

This technology uses compression in a lithium metal battery to enhance safety, lifetime and recharging rates. Sion Power believes that any lithium metal system will require compression to have a viable energy storage system. The company has developed robust intellectual property around this concept. Licerion has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and it is currently in development to reach 56Ah.

With this new capital, Sion Power will achieve technical and market validation of its technology. The company plans to build a fully automated manufacturing line to produce high quality large format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.


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