Sila, a next-generation battery materials company, has raised $375 million in a close of its Series G round led by existing investors Sutter Hill Ventures and funds and accounts advised by T. Rowe Price Associates, Inc., with participation by new outside investors as well as existing investors Bessemer Venture Partners, Coatue, Perry Creek Capital, and others.

The funding will secure the completion of the company’s Moses Lake plant in Q1, 2025, enabling the delivery of its Titan Silicon anode material to auto customers in Q4, 2025. Mercedes-Benz and Panasonic, as well as three additional customer contracts yet to be publicly disclosed, have been secured and will be fulfilled through Sila’s Moses Lake manufacturing facility.

The new funding comes as Sila has already demonstrated technical differentiation and market adoption of Titan Silicon as a high silicon anode capable of replacing most or all of the graphite in a Li-ion cell. Titan Silicon anode is 100% compatible with cylindrical, pouch, and prismatic cells to accommodate any OEM, any gigafactory, and any product design.

Titan Silicon delivers a 20% energy density boost over the industry’s best performing cells and will achieve a 40% increase in future releases. These gains are attainable without sacrificing cycle life or safety, by containing swell to levels comparable to graphite.

The round focuses on scale-up as well as ensuring that rigorous automotive quality and reliability standards and delivery timelines are met. The build-out of Sila’s Moses Lake manufacturing plant remains on schedule and will deliver enough capacity to serve its multiple customers. Additional future expansions at the site will enable Sila to produce enough material to power up to a million cars per year.

The Titan Silicon commercial next-generation silicon anode technology entered the market in 2021. Today, it delivers up to a 20-25% energy density improvement over the industry’s best performing graphite cells, enabling automakers to deliver enhanced EV performance, increasing vehicle range and reducing charge times.

Future releases of Titan Silicon will drive improvement of up to 40%, recharge times to less than 10 minutes, and lower the $/kWh cost of batteries.

Ardea Partners LP served as the exclusive financial advisor to Sila for its Series G round.