Enevate, a pioneer in silicon-dominant Li-ion battery tech, has secured $81 million in a Series E funding round led by Fidelity Management & Research. Existing investors Mission Ventures and Infinite Potential Technologies also participated. The latest round brings Enevate’s total funding to $191 million.
Enevate will use the investment to significantly expand its pre-production line for silicon anode-based batteries, and to hire additional personnel, with an emphasis on scientists and engineers.
Enevate’s large portfolio of patents related to silicon Li-ion cell technologies includes innovations in anodes, cathodes, electrolytes, separators, cell design and cell architecture. The company’s business model relies on technology transfer and intellectual property licensing. It works with multiple automotive OEMs and EV battery manufacturers, and strives to enable them to utilize existing manufacturing infrastructure with minimal additional investment.
“This latest funding reflects our investors’ confidence in our progress with our customers, our technology, and our team,” said Enevate CEO Robert A. Rango. “As our fast-charge technology is implemented, we see a day in the not-too-distant future when EV drivers will be able to pull up to drive-thru charging stations that will look much like today’s gas stations, charge up and be back on the road in five minutes.”
“We believe Enevate’s technology possesses a combination of advantages that is highly attractive to both the EV and power tool battery markets in both pouch and cylindrical cell formats,” said a representative from Samsung Venture Investment. “The advantages are enabled by Enevate’s unique silicon anode technology.”