The round €4m for LionVolt was led by deep tech venture capital firm Innovation Industries and joined by Brabant-focused startup fund Brabantse Ontwikkelingsmaatschappij (Brabant Development Agency, BOM) and private investor Sake Bosch.
LionVolt spun off last year from TNO at Holst Centre, building on six years of research and development of its innovative battery design. Solid state battery technology is a key factor in the development of safer power systems. The company says its technology enables batteries that are half the weight and twice the performance of the leading edge lithium batteries today.
The funding will support the company’s development of a solid-state lithium-ion battery that is more efficient and sustainable than any lithium-ion battery available on the market today and is aimed at applications from wearable devices to electric vehicles (EVs) and aviation.
“The battery industry requires a bold new approach to meet evolving needs in terms of cost, performance, safety and sustainability. We are pioneering that solution while building a strong ecosystem to support this innovation,” said LionVolt CEO Karl McGoldrick. “The support of TNO and our investors will not only bring our R&D to its next stage but will further establish the Netherlands as a hub of Climate Technologies.”
“This is an exciting milestone for LionVolt,” said Dr Sandeep Unnikrishnan, LionVolt CTO and co-founder. “We are creating batteries that will transform the energy sector in terms of safety, energy density and performance. LionVolt is proud to continue its game-changing innovation from the Brabant region.”
“LionVolt’s new technology will provide consumers with better, longer-lasting batteries while also contributing to the adoption of exciting technologies like wearables and electric cars,” said Nard Sintenie, partner at Innovation Industries. “We are proud to work with LionVolt and support their mission to revolutionise the battery industry.”
“LionVolt is a strong example of the innovation occurring in the Brabant region of the Netherlands,” added Jurgen van Eck of the Brabant Development Agency (BOM). “The BOM invests in Lionvolt because the company has enormous potential. Almost 80 percent of the supply chain the company needs to build a production line can be sourced locally. LionVolt could be one of the next big OEM’s in the Brainport region.”
Earlier this year LionVolt already raised a €1.25m pre-seed round from TNO, Innovation Industries, impact fund Goeie Grutten, and Brabant Startup Fonds (BSF) and the Brabantse Ontwikkelingsmaatschappij (BOM).
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