Ionic Materials has secured a $65 million funding boost to accelerate development of its solid polymer electrolyte battery material.
The Massachusetts-based company said investors involved in the series C financing round included battery manufactures and firms in the electric vehicles sector.
Ionic founder and CEO Mike Zimmerman said the fund would allow the company to boost its technical staff “while continuing to engage and partner with companies interested in developing tomorrow’s solid-state battery technology today”.
Ionic did not reveal corporate investors’ details, although BBB reported last month that the Renault-Nissan-Mitsubishi alliance planned to invest in Ionic as part of its venture capital funding programme.
Bill Joy, a founding member of Ionic’s board and a personal investor in all the rounds of financing, said: “The many innovations in electrochemistry that the polymer unlocks will change the future of renewable energy. Products from our partners using Ionic Materials’ technology will lead the charge to safely power everyday products with eco-friendly, high-capacity batteries.”
Ionic said the special properties of its polymer electrolyte “allow the use of high-energy materials and support lithium-ion cells with low- or even no- cobalt in their cathodes”.