Hyperdrive
Lionano Raises $22 Million to Boost Battery Components
- Nickel-rich cathode technology developed at Cornell University
- Nano-engineered material boosts battery performance 20%
This article is for subscribers only.
A startup out of a Cornell University lab called Lionano Inc. raised $22 million to expand production of high-performance cathodes for lithium-ion batteries in cars and electronics.
The Series B funding round was led by Wave Equity Partners LLC, Helios Capital Ventures and NXT Ventures. It will be used to expand annual production capacity to 1,200 tons this year -- enough for at least 13,000 Tesla Inc. cars, according to Alex Yu, co-founder and chief executive officer. The Woburn, Massachusetts-based company was founded in 2013 and raised $9 million in its initial funding round. Additional funding rounds will increase production to 10,000 tons by the end of next year, he said.