British start-up Faradion has almost £2m to develop sodium-ion batteries following further funding from investors Finance Yorkshire, Rising Stars Growth Fund and Haldor Topsoe.
The additional funding by the three investors and a ‘secret’ Japanese electronics giant will allow the company to ‘prove’ and scale up its Na-ion development programme.
Faradion was unable to disclose the investment sums due to confidentiality agreements.
The firm will invest its cash pot in developing its cells, which it claims will be cheaper and virtually match the performance of lithium-ion products.
It is aiming its cells for use in applications including stationary storage, automotive and e-bikes.
The firm has a pilot manufacturing line at its headquarters in the Sheffield University’s Innovation Centre, and a second laboratory at Oxford’s Leafield Technical Centre.
Sodium-ion battery technology offers enhanced safety over Li-ion, both in operation, transportation, and is cheaper and easier to source.
Faradion CEO Lawrence Berns: “We can now move forwards quickly to proving and scaling up our solid state low cost batteries and, indeed, intend to demonstrate one in a dynamic environment very soon.”
The key is to ensure the sodium-ion cells are not damaged due to the electrode materials having to cope with the passing and storage of sodium-ions, which are larger than lithium-ions.
Faridion is looking to license its developed intellectual property for lithium-ion cathode materials, which it claims could bring down the cost of lithium iron phosphate (LiFePO4) cells.