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Sion Power Raises $75 Million to Commercialize Its Proprietary Licerion Technology for Electric Vehicles

Jan 24, 2024•over 1 year ago

Amount Raised

$75 Million

TucsonRenewable Energy

Investors

Hillspire LlcEuclidean CapitalBricks Capital ManagementLg Technology VenturesLg Energy Solution

Description

Sion Power Corporation has raised $75 million in Series A funding led by LG Energy Solution, with participation from Euclidean Capital and Hillspire LLC. The investment will be used to achieve technical and market validation of its LicerionTM technology, including building an automated manufacturing line to produce high-quality large format lithium-metal cells.

Company Information

Company

Sion Power Corp

Location

2900 EAST ELVIRA ROAD

Tucson, Arizona, United States

About

Sion Power is moving the rechargeable battery industry forward with its Licerion® technology. Licerion® is an advanced approach to lithium-metal batteries containing twice the energy in the same size and weight battery, compared to a traditional lithium-ion battery. At 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.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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