Sodium-ion batteries maker UNIGRID Battery, a University of California, San Diego spin-off company, has successfully closed an oversubscribed USD 12 million (EUR 11.2m) Series A funding round. This significant capital will help the company expand its manufacturing and customer fulfillment capabilities.
Transition VC and Ritz Venture Capital co-led the funding round. New investor Union Square Ventures and existing investor Foothill Ventures joined this round, according to a press statement.
About UNIGRID Battery
UNIGRID Battery, established in 2021, focuses on developing high energy density sodium-ion batteries. These batteries serve a range of applications, including energy storage and electric mobility. The company’s proprietary alloy anode technology enhances the energy density of sodium-ion batteries, enabling them to surpass lithium iron phosphate (LFP) batteries. Notably, this technology utilizes only abundant materials and is compatible with conventional Li-ion battery manufacturing infrastructure.
Funding Utilization
UNIGRID plans to use the Raised USD 12M for battery production acceleration. Expanding its operations, UNIGRID aims to scale up its battery production to meet MWh-scale customer orders. This strategic move aligns with the company’s commitment to delivering high-performance energy solutions.
Key Investors
Transition VC and Ritz Venture Capital played crucial roles in co-leading the Series A funding round. Union Square Ventures, a new investor, and Foothill Ventures, an existing investor, also participated, showing strong confidence in UNIGRID’s potential and technology.
Technological Advancements
The proprietary alloy anode technology developed by UNIGRID stands out due to its efficiency. By increasing the energy density of sodium-ion batteries, it sets a new standard in the industry. This technology leverages materials that are abundant and thus ensures a sustainable approach to energy storage solutions.
Market Impact
With the new funding, UNIGRID is poised to make a significant impact in the energy storage market. The flexibility of their technology, which is compatible with conventional Li-ion battery infrastructure, positions them advantageously for wider adoption.
Future Prospects
The company’s forward-thinking approach and robust technology indicate promising future prospects. By focusing on expanding production capabilities and meeting large-scale orders, UNIGRID is setting the stage for substantial growth in the energy storage sector.
UNIGRID’s ability to close an oversubscribed funding round marks a pivotal step in their journey. Their innovative sodium-ion batteries are poised to address the growing demand for sustainable energy storage solutions. With ample funding and strategic investor support, UNIGRID is well-positioned to lead the charge in the Sodium-ion Battery market.
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