A local company has secured funding and some new investors, which will enable it to expand its Beltsville facility.
ION Storage Systems, Inc., is a manufacturer of solid-state, high-energy density lithium batteries. The design of these products is patented by ION, which has designed the batteries to be fast charging and nonflammable, and stable when used over a wide range of temperatures. The company has reduced the weight and volume of the cells, making them compatible with cathodes, both those currently in use, and the next generation. This includes cathodes that are free of cobalt and nickel. ION's designs are versatile enough that the batteries can be used in a number of markets including grid storage, electric vehicles, and consumer electronics.
ION recently announced it had obtained funding of more than $30 million at the close of its Series A funding round. In addition to obtaining further investments from its lead investors, Bangchak Corporation, Tenaska, and Toyota Ventures. Other entities came aboard as new investors. The money raised from this round would allow ION to expand its headquarters facility in Beltsville and to begin design on the next generation of solid-state batteries. These items will initially be produced for first market customers, and are expected to produce commercial revenue by year end 2023.
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