Proceeds will be used to qualify and commission ION’s 10 MWh/yr manufacturing line, to produce its 1st Generation commercial cells for customers.
BELTSVILLE, Md.–(BUSINESS WIRE)–Ion Storage Systems (ION) announced the initial closing of its $30 million Series A fundraising round led by Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners. This Series A round builds on the $8 million seed funding round that Alsop Louie Partners led with participation from VoLo Earth Ventures. The Series A round is expected to close by the end of Q1 2022.
The investment will enable ION to commission and qualify a battery cell manufacturing line at its Beltsville, MD headquarters capable of producing 10MWh/yr of its safe, energy dense and versatile solid state batteries. Production will initially be allocated to qualifying commercial cells for its Aerospace and Defense customers, generating revenue by the end of 2023. The Series A round will also accelerate the development projects ION has signed with multiple electric vehicle manufacturers, defense contractors, and consumer electronics companies. As part of the financing, Todd Crescenzo, Founder and Managing Partner at Clear Creek Investments, and Joseph Goodman, PhD, Co-Founder and Managing Partner at VoLo Earth Ventures will join ION’s board of directors.
“We are excited to begin commercial production of our transformative technology and getting it into the hands of our customers. ION’s battery performance and safety far exceed what traditional Lithium Ion can offer and will become the benchmark for battery design for decades to come,” said Ricky Hanna, ION’s CEO. “Our team continues to work hard to bring our technology to market and make us the first commercial solid state battery company to generate commercial revenue.”
“It is extremely gratifying to see this novel solid state battery technology created in my laboratories at the University of Maryland rapidly transition from academic research to a viable commercial product with such far reaching impact across multiple energy storage markets. The team has been making tremendous strides each and every day as recognized by this major investment in our company, and I am proud to be a part of it,” said Eric Wachsman, ION Founder and Executive Chair.
“Clear Creek is excited to invest with and alongside our investors in Ion Storage Systems given the company’s innovative battery technology, incredible team, and complimentary commercial partners with the aligned goal of disrupting the battery industry for the better,” said Todd Crescenzo, Founder and Managing Partner at Clear Creek Investments.
“ION de-risks electrification for OEMs with a safer, lower cost, and more energy dense battery that is also robust to critical battery materials; lithium, cobalt, and nickel,” said Joseph Goodman PhD, Co-Founder and Managing Director of VoLo Earth Ventures. “Already automotive and aviation OEMs are gaining competitive advantages through partnership with ION.”
“We are delighted to continue on this journey with ION to commercialize their disruptive technology platform,” said Mark Fields, Partner at Alsop Louie Partners. “The unique modularity of ION’s platform empowers product developers to design-in, as opposed to design-around the battery.”
About Ion Storage Systems
Ion Storage Systems, from its new state of the art HQ and manufacturing facility, creates high energy density, solid state lithium metal batteries that are safer, lighter and enable form factors with tighter packing density that enhance system performance. ION’s nonflammable technology offers safe operation, greater abuse tolerance, and both volume and weight reduction. These advances empower the world’s innovators to redefine what is possible and begin building the products-of-tomorrow today.
About Clear Creek Investments, LLC
Clear Creek Investments (“CCI”) is an emerging investment manager, based in Solana Beach, California with a focus on investing in companies across the Energy, Food and Water sectors. Specifically, CCI looks to invest in companies across these critical but resource constrained sectors that are stewards of catalytic capital – “doing more with less” in the spirit of global innovation and betterment. CCI takes a long term, patient capital approach when partnering with portfolio companies and invests across public and private markets. The firm was founded in January 2021 and currently manages three investment vehicles across the private and public markets.
About VoLo Earth Ventures
VoLo Earth is addressing our planet’s climate crisis at its roots by providing first-in funding and hands-on leadership to early-stage climate tech companies. VoLo Earth strives to grow, propagate, and capitalize on climate solutions with an intent to deliver superior investment returns and quantifiable carbon benefits.
About Alsop Louie Partners
Alsop Louie Partners is an early-stage, risk-oriented technology venture capital firm in San Francisco.
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