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Sion Power raises $75 million to commercialize its lithium metal battery technology, ‘Licerion’

April 01, 2024

Sion Power Corporation, a developer of advanced batteries for electric vehicles (EV), has successfully raised $75 million in Series A funding. The funding round was spearheaded by LG Energy Solution, a global lithium-ion battery manufacturer, through its investment arms LG Technology Ventures and Bricks Capital Management. The round also saw participation from existing investor Euclidean Capital, owned by mathematician Jim Simons, and new investor Hillspire LLC, owned by former Google CEO, Eric Schmidt.

Sion Power is known for its LicerionTM technology, a lithium metal battery that uses compression to improve safety, lifespan, and recharging rates. The company has developed a strong intellectual property portfolio around this technology. LicerionTM has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and is currently being developed to reach 56Ah.

The newly acquired capital will be used by Sion Power to validate its technology both technically and in the market. The company plans to construct a fully automated manufacturing line to produce high-quality large format lithium-metal cells for testing and market development by automotive OEMs and cell manufacturers.

LG Energy Solution has invested in Sion Power to secure access to next-generation battery technologies and strengthen its market position. This investment could potentially lead to future technological partnerships with Sion Power, subject to separate agreements between the two companies.

About Sion Power

Sion Power is revolutionizing the rechargeable battery industry with its Licerion® technology. Licerion® is a unique approach to lithium-metal batteries that contain twice the energy in the same size and weight battery, compared to a traditional lithium-ion battery. With up to 500 Wh/kg, Licerion batteries are produced at scale in large-format cells. As a result, Licerion® batteries have the potential to significantly enhance the performance of commercial and consumer electric vehicles. Visit Sion Power on the web at sionpower.com.

About LG Energy Solution

LG Energy Solution (KRX: 373220), a spin-off from LG Chem, is a global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in innovative battery technology and extensive research and development (R&D), the company holds over 25,000 battery-related patents. Its global network spans North America, Europe, Asia, and Australia, and includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. LG Energy Solution aims to achieve carbon-neutral operations by 2050. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.

Quotes:

“Every carmaker now has an EV strategy with billions being invested in the market. Our technology is appealing because LicerionTM directly addresses the anxiety that consumers feel about finding chargers by delivering up to twice the energy as conventional lithium-ion. The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells,” said Tracy Kelley, Sion Power’s CEO.

“We’ve invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis. Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution,” said Jim Simons, Chairman of Euclidean Capital.

“Sion Power is the industry leader that brings lithium-metal anodes and their significant benefits to the automotive industry. Its technology will greatly expand the adoption of electric vehicles by expanding driving ranges at a reduced cost for lithium batteries. This is the solution the automotive industry has been eagerly awaiting and I’m pleased to join the company’s board,” said Stefan Jacoby, Sion Power’s Chairman of the Board.

“This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry,” said an LG Energy Solution spokesperson. “We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas.”