California-based Enevate- a leading advanced silicon-led lithium-ion batteries developer, has reportedly secured USD 81 million in Series E funding led by Fidelity Management & Research Company, driving the total funds raised by the company till date to USD 191 million.
Apparently, the company is backed by prominent names like the Nissan-Renault-Mitsubishi Alliance also known as Alliance Ventures, Samsung Venture Investment Corp and LG Chem, which aim at offering a reliable solution for electric cars.
For the record, Enevate focuses on pure silicon anode that may be paired with various cathodes like NCM, NCA, NCMA and others to obtain a high energy density, fast charging capability such as 75% capacity in 5 minutes and an acceptable cycle-life at a reasonable cost.
Apparently, the company holds a wide portfolio of patents with regards to silicon Li-ion cell technologies. The company is providing technology transfer along with intellectual property licensing to automobile OEMs and electric vehicle battery producers.
According to Sungrok Bang, Director of Open Innovation at LG Energy Solutions, the battery spin out from LG Chem, the company’s partnership with Enevate began in the year 2017 and together, they aim at offering advanced high energy density technology which is highly reliable to the upcoming EV market.
In other news, in September 2020, the company announced that it has crossed the major milestone of over 300 patents issued and in process. Moreover, in the first-half of 2020, Enevate launched its 4th Gen XFC-Energy® technology, a ground-breaking change in the electric vehicle sector, offering a path to produce extremely fast charge EV batteries at a considerably low cost and high-volume production that can be charged as fast as refueling a gas car, along with delivering a longer range and enhanced safety.