A Massachusetts-based manufacturer of advanced cathode material for lithium-ion batteries has announced the completion of a US$22 million series B financing round.
Lionano said the funding, led by Wave Equity Partners, Helios Capital Ventures, and NXT Ventures, will be used to increase production of high-quality cathode materials.
CEO of Lionano, Siyu Hang, said: “With this funding, Lionano is well-positioned to scale up production capacity of our cathode materials to meet growing global demands.”
Lionano’s cathode material is a drop-in technology reported to increase energy density of rechargeable lithium-ion batteries. Co-founder the Abruña Group described it as “a true breakthrough, far surpassing the performance of currently available materials”
The funding is expected to allow a production increase from 1,200 tons per annum expected in early 2018, to 10,000 tons annually by the end of 2019, in order to keep pace with growth in the global demand for lithium-ion batteries.