Sicona Battery Technologies has raised AUD$3.7 million (£1.9m) in its pre-series A funding round to scale its battery materials technology globally.
The company is developing next-generation battery technology used in the anodes, i.e. negative electrodes, of lithium-ion batteries that enables electric mobility and storage of renewable energy.
It is commercialising silicon-graphite composite battery anode and binder process technology and materials, developed over the last 10 years at the Australian Institute for Innovative Materials (AIIM) at the University of Wollongong.
Sicona claims its technology delivers 50% to 100% higher capacity than conventional ‘graphite-only’ materials.
As a result, its cell producer customers can unlock more than 50% higher cell energy density than current li-ion batteries, thereby increasing electric vehicle (EV) range whilst reducing the cost and time it takes to charge.
The funding round was led by global venture fund Artesian and US-based Riverstone Ventures, an affiliate of Riverstone Holdings.
Christiaan Jordaan, Sicona Founder and CEO said: “The energy density of current lithium-ion batteries is limiting performance, resulting in multiple issues including higher upfront costs and lower range for electric vehicles. It is our mission to provide scalable next-generation materials at an affordable cost to our customers.
“Sicona’s unique silicon-graphite anode products solve the technical challenges experienced by using silicon in a battery but at a fraction of the cost of competing approaches due to our simple and scalable production process.
“We are extremely grateful for the support from our growing international investor base. Our next milestone is the commissioning of Sicona’s pilot production plant at our site in Wollongong and leveraging its larger-scale production capacity to qualify our materials with global battery producers and conduct larger-scale battery testing programmes.”