Silicon Li-ion Battery Tech gets $30M Series B Funding
Enevate Corporation has secured $30M in extended Series-B funding. The funding was led by Mike Lazaridis at Infinite Potential Technologies, Tsing Capital and Mission Ventures with participation by Presidio Ventures – a Sumitomo Corporation company. Headquartered in Irvine, California, Enevate has developed advanced Li-ion batteries based on new materials and cell designs with significantly higher volumetric and gravimetric energy density in thinner and lighter form factors.
Enevateâ€™s novel HD-Energy Technology utilizes silicon-dominant composite anodes for rechargeable Li-ion polymer batteries which dramatically increases energy density by 25-50% over conventional graphite anode cells â€“ giving over a decade of technology advancement as compared to the current rate of improvement of Li-ion technology. Enevateâ€™s new batteries enable smartphones, tablets, ultra-thin notebook PCs, and drones with longer runtimes in less space and weight.
â€œEnevate is the first to have cracked the code on truly using silicon in a production battery,â€ said Mike Lazaridis, co-founder of Infinite Potential Technologies and Blackberry. â€œThey are changing the conventional rules of the industry on Li-ion battery performance.â€
Brian Wong, CEO of Enevate, added, â€œThis new funding allows Enevate to bring our technology and products developed for our first strategic investors and customers into high volume mass production. It also enables us to expand into new and exciting applications such as drones where high energy density is immensely valuable to extend flight times.â€