ACT-ion Battery Technologies, a startup in the field of lithium ion battery cathode active materials (CAM), announced the successful closing of its Pre-Series A funding round. Founded in 2019, ACT-ion has developed both an efficient and cost-effective means to produce single crystalline cathode active materials.
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This chemistry agnostic process addresses a critical challenge in the lithium-ion battery value chain: the need to both reduce CAM production costs and increase production throughput.
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The USD 7.5 million round was led by BASF Venture Capital, with participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management, and LG Technology Ventures. ACT-ion will use the proceeds to accelerate its innovative CAM production technology, aiming to establish an operational pilot facility by 2025, with validations from leading industry partners.
ACT-ion is the recent recipient of a R&D 100 award which recognized the Company’s innovation to overcome the complexity and cost of CAM manufacturing. ACT-ion’s continuous process generates coated single crystal CAM leading to higher performance and longer cycle life lithium-ion batteries. ACT-ion has successfully demonstrated this manufacturing platform for a variety of chemistries.
“We are excited to have the support of Pre-Series A investors who share our vision for battery materials and manufacturing,” said Jin Lim, CTO and Interim CEO of ACT-ion. “This funding will allow us to bring our innovative solutions to market faster and make a meaningful impact on the global energy landscape.”
partner. With the market need for novel battery materials, and the processes to produce them, ACT-ion’s mission to improve CAM aligns well with BASF efforts to deliver innovation to our customers,” said Joshua Speros, Investment Manager at BASF Venture Capital.
“The domestic production of battery materials at cost will mark a significant milestone in the US CAM industry,” said Lillian Shattock, Director of Private Investments at Arosa Capital Management. “We are thrilled to support ACT-ion, as we believe their technology can be a pivotal enabler of domestic CAM manufacturing.”
Incubated within and spun-out of Hunt Energy Enterprises LLC, “the ACT-ion venture was developed to target the largest cost constraint within lithium batteries and thereby help enable growth for markets such as electric drones, electric vehicles and power tools” said Victor Liu, Chairman of ACT-ion.
About ACT-ion Battery Technologies
ACT-ion Battery Technologies is a leading lithium battery cathode active material (CAM) technology company. As an advanced manufacturing technology company, ACT-ion’s rapid continuous process produces coated single crystal CAMs for lithium batteries through a novel, clean, and chemistry-agnostic process, requiring lower energy and cost.
