Solid-State Battery Startup Natrion Secures $2M in Seed Funding
Illinois-based Natrion has announced the close of their first-ever seed funding round which successfully raised $2 million. The company is focused on the development of batteries that will better support mass market electric vehicles (EV), pushing their boundaries in terms of distance and power.
With growing global climate crises and climbing gas prices, it’s no surprise that there is also a growing demand for Evs. As this demand grows, so will the need for batteries to power them. This is where Natrion comes in.
The company has R&D facilities in New York and Illinois with semi-automated pouch cell production lines for the manufacture of prototype multi-layer pouch cells for use in EVs. These facilities are further set apart from others by the company’s specialized handling of lithium metal for the construction of lithium metal batteries.
Presently, EVs are limited by known fire safety risks and the high cost associated with prevailing lithium ion battery tech. But Natrion’s solid-state lithium-ion and sodium-ion battery chemistries are set to overcome these obstacles.
Natrion replaces plastic membranes with a Lithium Solid Ionic Composite (LISIC). The plastic membranes are soaked in highly volatile and flammable liquids which can create serious fire risks and also cause degradation of the chemical reactions. This degradation limits the battery performance and lifespan. LISIC, on the other hand, achieves the performance needed without any liquid and therefore has improved battery safety, performance, and durability.
This seed funding, along with a previously acquired $200,000 contract from the US Department of Defense will support the development of pouch cells to house the LISIC prototypes in full-size cells.
“Having the backing of investors of this caliber has positioned us well to continue to lead the pack and push the boundaries of what’s possible. Over the years we’ve assembled a stellar core research and development team that will now have all the necessary resources to make Natrion’s vision a reality,” Alex Kosyakov, CEO and co-founder of Natrion, said in a statement.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
Who We Are:
Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.
