Top 15 lithium ion battery startups that are charged for success!

In the dynamic world of energy storage, the lithium-ion battery market reigns supreme, propelling technological advancements and electrifying our future. These remarkable powerhouses have revolutionized everything from electric vehicles to portable electronics, empowering a sustainable and electrified world.

According to the UnivDatos Market Insights analysis, the lithium ion battery market has shown promising advancements and potential for widespread adoption in the future and as per their “India Lithium ion battery” report, the market was valued at USD 1.2 Billion in 2022, growing at a CAGR of 18.5% during the forecast period from 2023 - 2030 to reach USD billion by 2030.? ?

Let’s take a dive into these 15 startups in high-voltage landscape of the lithium-ion battery market.

1.????? Quantumscape

QuantumScape Corp is engaged in the development of next-generation solid-state lithium-metal batteries for electric vehicles. It developed an anode-less cell design, which delivers high energy density while reducing material costs and simplifying the manufacturing process. QuantumScape has raised USD1.2 billion. QuantumScape closed its last funding round on August 2, 2021 from a post-IPO seed round.?

2.????? Northvolt

The developer of lithium-ion battery factories intends to produce batteries for electric vehicles. The company's factories produce eco-friendly batteries produced with minimal carbon emissions and with recycling technology without impacting critical ecosystems, allowing the automotive industry to transform into a decarbonized future, providing durable, high-quality battery and battery systems.?

3.????? Sila Nanotechnologies

Manufacturer of turbochargers to improve energy storage options. The company's batteries can be used in small, lightweight, and durable electronics to unlock widespread adoption of affordable, long-range electric vehicles and deliver performance and quality control. Market-proven quality without compromising on runtime, lifespan, power or safety. More efficient batteries than lithium-ion technology. Sila Nanotechnology has raised USD 980.5 million. Sila nanotechnology closed its last round of funding on October 19, 2022 from a funding round.?

4.????? Solid Power

Solid Power Inc is committed to developing all-solid-state battery cell technology to create the next generation of batteries for electric vehicles and other markets. The company's intended business model is to license solid-state battery cell designs and manufacturing know-how to leading battery manufacturers or automotive original equipment manufacturers and to sell their solid sulfide electrolytes themselves to integrate into solid-state batteries cell. Solid Power has raised USD 387.2 million. Solid Power closed its last round of funding on January 10, 2023 from a funding round.?

5.????? Enovix

Enovix Corp is engaged in the development and production of advanced silicon anode lithium-ion batteries. It is also developing 3D cell technology and manufacturing processes for electric vehicles and energy storage markets to enable widespread use of renewable energy. Enovix has raised USD516.3 million. Enovix closed its final round of funding on April 17, 2023 from its post-IPO debt round.?

6.????? StoreDot

Manufacturer of battery technology that aims to provide a holistic approach to fast charging. The company develops Li-ion batteries by combining nanostructured materials with organic and inorganic compounds as well as proprietary electrolytes to provide batteries optimized for electric vehicles, helping customers meet meet the required energy needs. StoreDot has raised USD206.5 million. StoreDot closed its last funding round on May 24, 2022 from a corporate funding round.?

7.????? Romeo Power

Romeo Power Inc. is an energy technology company focused on the design and manufacture of lithium-ion battery packs and modules for commercial electric vehicles. With high-energy-density battery packs and modules, Romeo Power enables sustainable transportation at scale by delivering safer, more durable batteries with longer range and faster charge times. With higher power density, the company can create efficient, lightweight solutions that deliver outstanding performance and improve acceleration, range, safety and durability. Its modules and packages are customizable and scalable, and they are powered by its proprietary battery management system. Romeo Power has raised USD866.6 million. Romeo Power closed its last round of funding on February 16, 2022 from the post-IPO seed round.?

8.????? Advano

Manufacturer of advanced silicon anode technology to store more energy at higher densities. The company's technologies focus on improving lithium-ion batteries for electric vehicles, for the next generation of lithium-ion batteries to accelerate the energy transition, and materials scientists and technology experts. nanotechnology experts, and PhDs have developed proprietary technology and produced powder to powder process. The process of converting metallurgical silicon into battery-grade anode materials using an inexpensive and scalable method, and the technology has the potential to unlock a 10-40% increase in energy density, compared to batteries present in the electric vehicle, consumer electronics and military markets, giving users access to longer-life lithium-ion batteries at a lower cost. Advano has raised USD43 million. Advano closed its last round of funding on November 30, 2022 from a convertible note round. ?

9.????? ?Amprius

Amprius Technologies Inc is engaged in the production of silicon anodes for high energy density lithium-ion batteries. The company's batteries are primarily used for existing and emerging aeronautical applications, including unmanned aircraft systems, such as high-altitude drones and satellites. Amprius has raised USD305 million. Amprius closed its last round of funding on October 19, 2022 from a funding round.?

10.?? SolidEnergy Systems

SES AI Corp is engaged in the development and initial production of high-performance lithium-metal (Li-metal) rechargeable battery technologies for electric vehicles (EV), electric take-off and landing (eVTOL) and other applications uses. The company is an integrated manufacturer of Li-Metal batteries with capabilities in materials, cells, modules, AI-powered safety algorithms, and recyclability. SES has raised USD600.1 million. SES closed its last funding round on February 4, 2022 from the post-IPO funding round.

11.?? Enevate Corporation

Developer of lithium-ion battery technology designed to charge electric vehicles faster. The company uses pure silicon battery technology that provides fast charging with high energy density, low temperature operation for cold climates, low cost and safety advantages over Li-ion batteries in graphite, allowing electric vehicle owners to charge their cars as quickly as refueling a gasoline-powered car. Enevate raised USD192.6 million. Enevate closed its last round of funding on February 10, 2021 from a Series E round.

12.?? ?Seeo

The manufacturer of rechargeable lithium-ion batteries was created to provide safe, high-energy, lightweight storage that is ideal for demanding environments that require hours of reliable power. The company's rechargeable lithium-ion battery is based on a fully solid-state nanostructured polymer electrolyte that contains no flammable or volatile components and is less likely to burn under extreme voltage conditions or overload, allowing vehicle owners to benefit from an eco-friendly battery that uses less raw materials and offers an increased payload range. Seeo has raised USD44.6 million. Seeo closed its last funding round on December 9, 2014 from a Series E round.

13.?? Farasis Energy

Farasis Energy (Gan Zhou) Co Ltd is engaged in the production and sales of lithium-ion batteries and vehicle battery systems for new energy vehicles, and provides total battery solutions for new energy vehicle manufacturers. Farasis Energy has raised USD1.7B. Farasis Energy closed its last funding round on Nov 9, 2022 from a Post-IPO Equity round.

14.?? Microvast

Microvast Holdings Inc is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. The company is renowned for its advanced cell technology and vertical integration capabilities that extend from basic battery chemistry to batteries. Microvast has raised USD1.2 billion. Microvast closed its last round of funding on October 19, 2022 from a funding round.?

15.?? 24M Technologies

Manufacturer of lithium-ion batteries designed to improve the operating reliability, economy and efficiency of electrical systems. The company's batteries offer semi-solid electrodes and binder-free unit cells, eliminating the need to use hydroelectric or heat treatment processes for battery recycling and helps direct in-plant reuse of active material for end-of-life recycling, enabling clients to increase efficiency and save money. 24M Technologies raised USD97.8 million. 24M Technologies closed its last round of funding on January 10, 2023 from a funding round.

The Great Lithium Boom

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Most Advanced Battery Technologies That Will Power the Future

?? Cobalt-Free Lithium-ion Battery

Cobalt, which is a key element in producing conventional lithium-ion batteries, is considered an expensive metal. Cobalt-free batteries provide a solution to this problem by using alternative materials as the cathode in lithium-ion batteries. Tesla, a major EV manufacturer, stated that almost all cars produced in the first quarter were using cobalt-free iron-phosphate batteries. SVOLT, another EV battery manufacturer, is making cobalt-free batteries using nickel and manganese.

?? Solid State Battery

Unlike conventional lithium batteries, which use liquid and polymer gel electrolytes, solid-state batteries use solid electrodes and a solid electrolyte made up of ceramics such as oxides, glass and sulfides etc. Solid-state batteries can decrease the carbon footprint of an electric vehicle by 24%. Toyota Motor is considered the leader in solid-state battery patents.

?? Saltwater Battery

A saltwater battery has a concentrated saline solution as its electrodes. The water molecules pull the sodium and chloride ions apart, making them free-floating. Sodium is extracted from the solution while charging the battery and the extracted salt water is discharged with oxygen dissolved in it. Saltwater batteries can be recharged for 5000 cycles during their lifespan.

?? Lithium-Sulfur Battery

These batteries have an energy density several times higher than lithium-ion batteries. The sulfur used as a cathode in lithium-sulfur batteries is less expensive than the cobalt used in conventional lithium-ion batteries. Lithium-sulfur batteries have a major drawback: they are reusable for around 1000 charge cycles whereas lithium-ion batteries can be recharged 2000 – 3000 times.

Conclusion

The landscape of lithium-ion battery startups is a remarkable testament to human ingenuity and the pursuit of a cleaner, electrified future. These innovative companies have sparked a battery revolution, reshaping the energy storage industry and driving us towards a more sustainable tomorrow.