Tuesday, May 17, 2022

Startup LionVolt raises €4m to develop solid-state batteries that “weigh 50% less and deliver 200% more power”

Dutch battery start-up LionVolt has closed a seed funding round of 4 million euros. The Company raised money to develop a lithium metal-based solid-state battery that will be suitable for electric vehicles and aviation, among other applications.

LionVolt says that its goal is to bring solid-state batteries with high energy density and short charging times to market safe that are also more environmentally friendly than conventional lithium-ion batteries.

The Startup says that its batteries weigh 50 per cent less and deliver 200 per cent more power than the most advanced lithium-ion batteries on the market today.

“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,” added Nard Sintenie, partner at Innovation Industries. “We are proud to work with LionVolt and support their mission to revolutionise the battery industry.”

Exactly how LionVolt plans to achieve these improvements has not been elaborated upon in their announcement on the closing of the financing round.

The company certainly isn’t starting from scratch but was spun off from TNO (TNO is the Netherlands Organisation for Applied Scientific Research) in 2020 and can indeed build on six years of research and development for its battery concept as the company says.

“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.”

Participants in the seed funding round were: Venture capital firm Innovation Industries, start-up fund Brabantse Ontwikkelingsmaatschappij (BOM) of the Brabant region and investor Sake Bosch, among others.

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In a pre-seed financing round earlier this year, LionVolt was already able to raise 1.25 million euros from a number of investors.

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