American Battery Factory (ABF), a battery manufacturer that plans to build a network of lithium iron phosphate (LFP) battery cell gigafactories in the US, has raised significant development capital in Series A funding. ABF will use the funds to secure production equipment and security technology needed for the first development phase of its recently announced gigafactory in Tucson, Arizona.
Other investors in the Series A round include hybrid manufacturing partner FNA Group, Lion Energy, and an unnamed battery-cell equipment manufacturing company.
“Our vision is to help the US rapidly electrify, and energy storage is the only solution that makes this possible,” said Jim Ge, CEO of American Battery Factory. “The first major step on this journey will be the construction in Arizona of the largest US gigafactory for producing lithium iron phosphate (LFP) battery cells, and initial development will be funded by this Series A round. We anticipate delivering our first battery cells within the next 18 months.”
Investor Lion Energy, a developer and manufacturer of energy storage products, incubated ABF for 18 months before unveiling the company to the public in March 2022. ABF entered into an offtake agreement with Lion Energy in May 2022 to deliver 18 GWh of LFP battery cells, beginning with high-capacity prismatic cells offering 105 to 300 Ah outputs. These are designed for a range of Lion Energy solutions, including portable solar generators and battery-based energy storage systems.
“We can’t move to an entirely green energy economy without high-quality lithium batteries,” said Frank Davis, CEO of Lion Energy. “As one of the fastest-growing pack integrators, Lion Energy is pleased to help expedite ABF’s production of the safest, longest-lasting, most reliable and eco-friendly batteries currently available.”
Investor FNA Group is a hybrid manufacturing partner that will provide its technology to ABF’s battery cell production. Formed in 1988, FNA Group is a vertically integrated power equipment manufacturer with a global presence across the United States, China, Italy and Australia.
“Our focus is to bring our entire supply chain to North America, and this is now possible through American Battery Factory,” said Gus Alexander, CEO of FNA Group. “Our global plan is to electrify all our next generation of products by using ABF battery cells.”
Source: American Battery Factory