A Tucson tech firm is turbocharging its efforts to dominate the electric vehicle battery market with a hefty $75 million in Series A funding. Sion Power Corp., an Arizona-based heavyweight in advanced battery development, announced on January 24 the closure of the funding round, which is infused with capital from South Korean powerhouse LG Energy Solution, along with contributions from Euclidean Capital and Hillspire LLC, the family office helmed by ex-Google CEO Eric Schmidt, as reported by ABC15 News.
Jim Simons, Euclidean Capital chairman, praised Sion Power's intellectual property, viewing it as an enabler for lithium-metal technology on a larger, commercial scale. "We've invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis," Simons explained in a statement procured by Phoenix Business Journal. "Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution."
The disruptive technology crowning Sion Power's achievements is their proprietary Licerion lithium-metal battery, which touts an impressive capability—up to 500 watt-hours per kilogram, nearly double the energy punch of traditional lithium-ion batteries. This new funding is slated to help bring these power-packed cells to market, with grand plans for an automated production line targeting a Q4 operational date per Sion Power's announcement.
Tracy Kelley, the CEO of Sion Power, shed light on the strategic underpinnings of their technology, linking it directly to overcoming consumer hesitance tied to EV range anxiety. "The support from our investors is a testament to how mature our technology is and the value of our approach towards enabling lithium-metal cells," Kelley told Phoenix Business Journal.
Sion Power's latest financial boost indicates a robust trend of battery tech innovation and investment within Arizona. It nestles comfortably alongside LG Energy Solution's plans for a colossal 1.4 million-square-foot battery plant in Queen Creek and American Battery Factory's announcement of setting up its headquarters and a 2-million-square-foot gigafactory in Tucson. These developments, which include Sion Power's strategy to craft 150 new job opportunities in their Tucson operations, are clear signals of the Grand Canyon State's burgeoning role in the EV battery arena, priming the state as a significant player in the next-generation energy sector.
