Ion Storage Systems Closes $30 Million Series A Funding Round

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Jun 07, 2022, 08:45 ET

Toyota Ventures, Tenaska, and Bangchak Corporation Join Oversubscribed Round Led by Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners

BELTSVILLE, Md., June 7, 2022 /PRNewswire/ -- Ion Storage Systems, Inc. (ION) announced the closing of its Series A funding round, exceeding its original target of $30 million. The company welcomed investments from Toyota Ventures, Tenaska, Bangchak Corporation and other investors, in addition to the investments from its lead investors.

"We are thrilled to add this exceptional group of investors and partners to our oversubscribed round to support ION's next phase of growth," said Ricky Hanna, ION's Chief Executive Officer. "As ION prepares to meet the overwhelming demand for safe, cost efficient and energy dense batteries, our team has grown to meet the challenge. ION's battery performance and safety far exceeds what traditional Lithium Ion can offer and will become the benchmark for battery design for decades to come."

"ION's bi-layer cell design is a breakthrough for the industry," said Lisa Coca, Climate Fund partner for Toyota Ventures. "The architecture addresses the technological barriers that have historically plagued solid state batteries, and it enables critical next-generation performance metrics for widespread adoption – including high-energy density, strong cycling performance, wide temperature range, and fast charging. We believe this is a game changing technology and are proud to support ION's expert team as they work to unlock the potential and power of solid-state batteries."

The investment will enable ION to expand its facility at its Beltsville, MD headquarters to commission and qualify a battery cell manufacturing line capable of producing 10MWh/yr of next-generation solid-state batteries. Production will initially be allocated to qualifying commercial cells for its first market customers, generating commercial revenue by the end of 2023. The Series A round will also accelerate the development projects ION has with multiple customers and partners in the consumer electronics, automotive, and stationary storage markets. Other investors in the round include GAINTECH Capital, Alumni Ventures Group, Z2Sixty Ventures, Climate Capital, and the University of Maryland Discovery Fund.

About Ion Storage Systems, Inc.

Ion Storage Systems, Inc. manufactures high energy density, solid state lithium metal batteries that are intrinsically safe and require no external heating or compression. ION's patented battery design is nonflammable, enables fast-charging capabilities, provides wide operating temperatures, reduces volume and weight of the cells, and is compatible with current and next generation cathodes, including high voltage cathodes that are nickel and cobalt-free. The versatility of ION's technology allows it to design products for multiple markets including consumer electronics, electric vehicles, and grid storage customers.

About Toyota Ventures

Toyota Ventures is a San Francisco Bay Area-based venture capital firm that invests in early-stage startups from around the world. Founded in July 2017, its mission is to discover what's next for Toyota by helping startups bring disruptive technologies and business models to market quickly. With more than $500 million in assets under management, the firm's funds include the Toyota Ventures Frontier Fund focused on artificial intelligence, cloud computing, autonomy, mobility, robotics, smart cities, digital health, financial technologies, materials, and energy; and the Toyota Ventures Climate Fund focused on innovative solutions for carbon neutrality. For more information about Toyota Ventures and its portfolio companies, please visit www.toyota.ventures.

SOURCE Ion Storage Systems