Tucson, AZ – Sion Power Corp., a company based in Tucson that specializes in advanced battery technology for electric vehicles, has recently closed a series A funding round, securing a substantial investment of $75 million. Leading the investment is LG Energy Solution, a prominent battery company based in South Korea, along with participation from Euclidean Capital and Hillspire LLC, the family office of former Google CEO Eric Schmidt. LG Energy Solution made its investment through LG Technology Ventures and Bricks Capital Management.
The decision to invest in Sion Power was primarily driven by the company’s extensive intellectual property (IP) portfolio, which plays a critical role in enabling the use of lithium-metal technology for commercial applications. Euclidean Capital’s chairman, Jim Simons, emphasized that Sion Power’s technology surpasses that of conventional batteries. He stated, “Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution.”
The investment from LG Energy Solution and other participants represents a significant milestone for Sion Power. It will enable the company to further develop and commercialize its cutting-edge battery technology for electric vehicles, facilitating the transition to a more sustainable transportation sector. The funds will support the expansion of manufacturing capabilities, research and development efforts, and overall business growth.
Sion Power’s breakthrough battery technology has the potential to revolutionize the electric vehicle market. It offers improved performance, durability, and cost-efficiency compared to traditional battery technologies. Additionally, Sion Power’s scalable manufacturing process ensures faster production and reduced costs, making their battery solution highly competitive in the rapidly evolving electric vehicle industry.
With this substantial investment, Sion Power is well-positioned to make significant contributions to the advancement of electric vehicle technology and the overall adoption of sustainable transportation solutions. The company’s commitment to innovation and its strong partnership with LG Energy Solution set the stage for exciting developments in the field of electric vehicle batteries.
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The source of the article is from the blog reporterosdelsur.com.mx