Battery materials company NanoGraf has raised $65 million in a Series B funding round that was co-led by Volta Energy Technologies and CC Industries. NanoGraf had previously raised a total of $27 million from a mix of funding sources.
NanoGraf’s technology enables battery-makers to incorporate more silicon into their anodes. Current EV battery anodes are composed mostly of graphite. Silicon can potentially store more energy than graphite, so adding it to an anode can increase energy density. (See our recent interview with NanoGraf COO Connor Hund.)
NanoGraf will use the new funding to expand its silicon anode production in Chicago and to further develop its technologies.
“This funding not only ensures a domestic supply of a key strategic component of next-generation lithium-ion batteries, but also enhances our national competitiveness in the global energy storage space,” said Dr. Francis Wang, CEO of NanoGraf.
“Nanograf’s technology promises to enable higher energy density in lithium-ion batteries, in a way that uses silicon with what is practically drop-in to existing battery manufacturing processes,” said Jeff Chamberlain, CEO of Volta Energy Technologies.