International Battery Company raises $35 million funding, targets monthly production of 2,500 cells at Korean facility
International Battery Company raises $35 million funding, targets monthly production of 2,500 cells at Korean facility
01/24/24, 7:26 PM
Location
milpitasMoney raised
$35 million
Industry
manufacturing
Investors
Veda Vc, Beenext, Rtp Global
International Battery Company has successfully secured $35 million in a pre-Series A funding round, aiming to target monthly production of 2,500 cells at their facility in Korea.
Company Info
Location
457 e evelyn avenue
milpitas, california, united states
Additional Info
International Battery Company (IBC) is building proprietary I-NMC Prismatic cells in India at the planned non-captive Gigafactory. IBC cells will reduce battery complexity due to the large form factor, have 40% higher energy density than LFP cells, and are recyclable. These cells will be especially suited for mobility applications (EVs). The supply chain will be localized and secured to enable energy independence.
While the R&D is being done in the US, a pilot plant is being built in South Korea, and High-Volume-Manufacturing is planned to be done in India at the non-captive Gigafactory.