LGES leads $75m Sion Power capital boost

LGES leads $75m Sion Power capital boost

LGES leads $75m Sion Power capital boost 287 327 Energy Storage Journal

February 1, 2024: Lithium metal developer Sion Power said on January 24 it had raised $75 million backed by LG Energy Solution to expand R&D production capacity for EV batteries.

 LGES led the series ‘A’ funding round through its venture capital arm LG Technology Ventures with Bricks Capital Management, supported by Euclidean Capital and including new investment from former Google CEO Eric Schmidt’s Hillspire.

New directors joining Sion’s board as a result of the investment boost include Robert McIntyre, the MD of LG Technology Ventures and the managing partner of Bricks Capital Management, Hansol Kim.

Sion said it will use the new capital to achieve technical and market validation of its Licerion technology, while pushing ahead with plans to build a fully automated manufacturing line for high quality, large format lithium metal cells for testing and market development by automotive OEMs and cell manufacturers.

Sion is expanding its existing 100,000ft2 plant site in Arizona by 11,400ft2 by 2026.