Lithium-ion batteries have become synonymous with electric vehicles due to their ability to store a vast amount of energy and their relatively fast charge times. But as EVs become mainstream, the need for batteries will have to keep pace. Chicago-based NanoGraf is planning to scale its battery production after raising $65 million in new funding this week.
Volta Energy Technologies and CC Industries co-led the Series B round. Prior to the round, NanoGraf raised $27 million in funding.
Having spunout of Northwestern University and Argonne National Laboratory, NanoGraf manufactures lithium-ion batteries with its patented silicon anode technology. According to the company, its batteries have higher energy output and longer lasting charges than its competitors.
“NanoGraf’s technology promises to enable higher energy density in lithium-ion batteries in a way that uses silicon with what is practically drop-in to existing battery manufacturing processes,” Jeff Chamberlain, CEO of Volta Energy Technologies, said in a statement.
The improved performance is derived from NanoGraf’s use of silicon anodes instead of the traditional graphite anodes; however, silicon is more challenging to produce and use.
The Series B funding will enable NanoGraf to manufacture its silicon anode technology and battery manufacturing here in Chicago. This will eliminate the possibility of supply chain hiccups and offshore manufacturing affecting the company’s battery production.
“This funding not only ensures a domestic supply of a key strategic component of next generation lithium-ion batteries, but also enhances our national competitiveness in the global energy storage space,” Francis Wang, CEO of NanoGraf, said in a statement.
