Click For Photo: https://techcrunch.com/wp-content/uploads/2019/04/Screen-Shot-2019-04-16-at-2.57.56-PM.png?w=764
Sila Nanotechnologies and its battery materials manufacturing technology are now worth over $1 billion.
The company, which announced a $170 million funding led by Daimler and a partnership with the famed German automaker, started building out its first production lines for its battery materials last year. That first line is capable of producing the material to supply the equivalent of 50 megawatts of lithium ion batteries, according to Sila Nano’s chief executive officer Gene Berdichevsky.
Construction - Heels - Investment - Round - Cash
That construction, made on the heels of a $70 million investment round, is now going to be expanded with the new cash from Daimler and 8VC along with previous investors Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Siemens Next47, and Sutter Hill Ventures.
Berdichevsky would not comment on how much production capacity would increase, but did say that the company’s battery materials would find their way into consumer devices before the end of 2020. That means the potential for longer lasting batteries in smart watches, earbuds, and health trackers, initially.
Headquarters - Alameda - Calif - Sila - Nanotechnologies
From its headquarters in Alameda, Calif., Sila Nanotechnologies has developed a silicon-based anode to replace graphite in lithium-ion batteries. The company claims that its materials can improve the energy density of batteries by 20%.
“If you can increase energy density by 20%… you can use 20% fewer cells and each pack can cost 20% less,” says Berdichevsky. “The subtext of it is that it is the way to drive price of energy storage down. And that’s the way for the electric vehicle market to sand more and more on its own.”
Kind - Cost - Reduction - BMW - Daimler
That kind of cost reduction is what brought BMW and Daimler to partner with the company — and what led to the massive funding round and the company’s newfound unicorn status.
“Our valuation is over $1 billion dollars now,” Berdichevsky says.
Daimler - Materials - Sila - Nanotechnologies
For Daimler, the materials that Sila Nanotechnologies are developing will...
Wake Up To Breaking News!