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Sion Power Raises $75 Million to commercialize lithium metal EV batteries

January 25, 2024

Sion Power Corporation has secured $75 million in Series A funding for their lithium metal battery technology, led by LG Energy Solution.

Sion Power’s Licerion technology uses compression in a lithium metal battery to enhance safety, lifetime, and recharging rates. Licerion has been successfully demonstrated in large energy capacity battery cells (up to 20Ah) and is currently in development to reach 56Ah. They mention the cells with this technology contain twice the energy in the same size and weight battery, compared to a traditional lithium-ion battery.

With the new capital, Sion Power plans to achieve technical and market validation of its technology. They intend to build 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.