LiNa Energy has closed a £3.5-million ($4.78-million) late seed funding round.
LiNa is commercializing a cobalt- and lithium-free solid-state sodium battery. The company claims its design has the potential to exceed the performance of both lithium-ion and sodium-ion technologies at a cost of less than $50/kWh.
The funding, along with recently obtained grant money, enables LiNa to focus on two core activities. The first task is accelerating its technology development by tripling the size of its Lancaster-based laboratory, raising its head count, and buying additional equipment to improve the speed and quality of cell manufacturing processes. Second, the company hopes to progress commercialization activities by securing customer trial partners in primary target markets.
Dr. Gene Lewis, LiNa CEO, said, “This investment is a significant step towards achieving our goal to deliver a safe, affordable, mass-production solution to accelerate the two global mega-trends: electrification of transport and decarbonization of energy.”
Source: LiNa Energy