Battery cathode active materials (CAM) startup ACT-ion Battery Technologies has raised $7.5 million in a pre-Series A funding round.
The $7.5-million round was led by BASF Venture Capital and included participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management and LG Technology Ventures. ACT-ion will use the proceeds to accelerate its CAM production technology, aiming to establish an operational pilot facility by 2025.
ACT-ion says it has developed an efficient and cost-effective means to produce single crystalline cathode active materials, which could improve battery performance and cycle life. The company aims to address the need to reduce CAM production costs and increase production throughput. ACT-ion has demonstrated this manufacturing platform for a variety of chemistries.
Incubated within and spun out of Hunt Energy Enterprises, “the ACT-ion venture was developed to target the largest cost constraint within lithium batteries and help enable growth for markets such as electric drones, electric vehicles and power tools,” said Victor Liu, Chairman of ACT-ion.
Source: ACT-ion Battery Technologies
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