Follow the Money: Battery Funding Rounds for New Anodes, Sodium-Ion Chemistry, Recycling, More

By Battery Power Online Staff

June 28, 2024 | Over the past 30 days, investments in the battery industry have rewarded innovative anodes, recycling technologies, inverter-free batteries, sodium-ion chemistry, and Chinese developers of the EV production stack.


$308M: Series B for Nickel-Hydrogen Batteries

EnerVenue (Fremont, Calif.), a startup that has developed an alternative to lithium-ion batteries for long-duration renewable energy storage, has raised $308 million in Series B funding. The company is in the process of building a gigawatt-scale factory in Kentucky to produce its nickel-hydrogen batteries, an endeavor that’s estimated to cost $264 million. TechCrunch posits that the new funds will go toward the project.

$37M: Series B for Advanced Battery Materials

Echion Technologies (Cambridge, Cambridgeshire, UK), which focuses on developing advanced battery materials, has raised $37 million in Series B funding from Volta Energy Technologies. The funding will accelerate the commercialization of their technology aimed at improving the performance and safety of batteries for electric vehicles and energy storage systems. Echion Technologies is known for its innovative anode materials that significantly reduce charging time and enhance the overall lifespan of batteries.

$31M: Long Duration Zinc-Air Battery

e-Zinc (Toronto, Canada), the company enabling sustainable, long-duration energy storage with its zinc-air battery, has raised an additional $31 million in follow-on funding to its $25 million Series A round. This oversubscribed Series A2 round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners. e-Zinc’s existing shareholders also participated, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures. e-Zinc plans to use this financing to accelerate product development and complete the construction of its 42,000 sq. ft. pilot manufacturing facility in Mississauga, Ontario.

$30M: Series A for Battery Recycling Technology

Princeton NuEnergy (Bordentown, NJ), a company specializing in lithium-ion battery recycling, has raised $30 million in Series A funding. The funds will be used to develop a sustainable and efficient recycling process, construct a pilot facility, and advance their R&D efforts to reduce battery production costs and environmental impact. Their proprietary process focuses on a low-temperature plasma-assisted recovery technique that maximizes the extraction of valuable metals.

$21M: Series C for Customized Battery Solutions

InoBat (Bratislava, Slovakia), which develops customized battery solutions for electric vehicles and energy storage, has raised $21 million in Series C funding from the Amara Raja Group. The funds will enhance their research facilities, scale up production, and explore new markets in Europe and beyond. InoBat’s technology emphasizes tailored chemistries that meet specific customer requirements, allowing for optimized performance and efficiency.

$17M: Series B for Inverter-Free Battery Management Systems

Relectrify (Melbourne, Australia), a company creating advanced battery management systems, has raised $17 million in Series B funding from At One Ventures. This investment will help scale up production and accelerate the adoption of their technology aimed at extending the life and performance of lithium-ion batteries in stationary storage and electric vehicles. A key component of Relectrify’s technology is that the batteries are inverter-free, which simplifies the system and reduces costs.

$14M: Series A for Mineral Resource Exploration

Qingbo Exploration (Qingpu, Shanghai, China), which focuses on the exploration and development of critical mineral resources for battery production, has raised $14 million in Series A funding. The funds will secure new raw material sources, optimize extraction processes, and ensure a stable supply chain for the growing battery industry in China.

$14M: Series A for Sodium-Ion Grid-Scale Energy Storage

Lepu Nadian (Baoshan, Shanghai, China), a company developing energy storage solutions for grid applications, has raised $14 million in Series A funding from Chenguang Industrial Development Management. The company will enhance its battery technology, expand production capabilities, and collaborate with grid operators to deploy large-scale storage systems supporting renewable energy integration. Lepu Nadian specializes in sodium-ion batteries, which offer a cost-effective and sustainable alternative to lithium-ion batteries.

$12M: Series A for Sodium-Ion Decentralized Energy Storage Platform

UNIGRID (San Diego, Calif.), which aims to develop a decentralized energy storage and distribution platform, has raised $12 million in Series A funding from Ritz Venture Capital and Transition Venture Capital. The funds will support the development of their platform, pilot projects, and partnerships with utility companies to improve energy efficiency and resilience. UNIGRID’s technology centers on sodium-ion batteries, attractive because of the relative abundance of sodium and lower environmental impact compared to lithium-ion alternatives.

$5M: Series A for Smart Grid Solutions

IndiGrid Technology (Gurgaon, Haryana, India), a company developing smart grid solutions, has raised $5 million in Series A funding from Cactus Venture Partners. The company will use the funds to integrate renewable energy sources into existing grid infrastructure, develop advanced grid management systems, and support the transition to a more sustainable energy system. IndiGrid Technology focuses on real-time data analytics and machine learning algorithms to optimize grid performance and reliability.