Eindhoven-based LionVolt, a battery startup company that claims to be developing the most efficient and sustainable solid state lithium-ion battery, announced that it has raised €4M in its Seed round of funding. With this, the company has raised more than €5M in funding this year.
The Seed round was led by deep tech VC firm Innovation Industries and joined by Brabant-focused startup fund Brabantse Ontwikkelingsmaatschappij (Brabant Development Agency, BOM) and renowned investor Sake Bosch.
Nard Sintenie, partner at Innovation Industries, says, “LionVolt’s new technology will provide consumers with better, longer-lasting batteries while also contributing to the adoption of exciting technologies like wearables and electric cars. We are proud to work with LionVolt and support their mission to revolutionise the battery industry.”
Earlier this year, the company had secured €1.25M in its pre-Seed round from TNO, Innovation Industries, Goeie Grutten, Brabant Startup Fonds (BSF), and the Brabantse Ontwikkelingsmaatschappij (BOM).
Use of the funds
With this capital, the company will be able to support its development of a solid-state lithium-ion battery that is more efficient and sustainable than any lithium-ion battery currently available in the market.
LionVolt claims that its design delivers higher energy density, faster charging, and a longer lifespan – leading to fewer batteries used (and disposed of) over time. The LionVolt battery will power technology in several industries, including wearable devices, electric vehicles (EVs), and aviation.
LionVolt CEO and co-founder Karl McGoldrick says, “The battery industry requires a bold new approach to meet evolving needs in terms of cost, performance, safety and sustainability. We are pioneering that solution while building a strong ecosystem to support this innovation. The support of TNO and our investors will not only bring our R&D to its next stage but will further establish the Netherlands as a hub of Climate Technologies.”
“3D solid-state technology for next generation batteries”
Founded in the spring of 2020 by Karl McGoldrick and Sandeep Unnikrishnan, LionVolt is on a mission to develop and scale 3D solid-state batteries that deliver high performance, fast charging, intrinsic safety, and are sustainable.
The company claims that its design is 100 per cent safe, weighs 50 per cent less, and provides 200 per cent improved performance compared to the most advanced lithium-ion batteries available today.
Dr Unnikrishnan says, “We are creating batteries that will transform the energy sector in terms of safety, energy density and performance. LionVolt is proud to continue its game-changing innovation from the Brabant region.”
LionVolt’s vision is to start establishing a scalable giga factory within the next five years and to become a key player in the global battery industry.
According to Jurgen van Eck of the BOM, “LionVolt is a strong example of the innovation occurring in the Brabant region of the Netherlands. The BOM invests in LionVolt because the company has enormous potential. Almost 80 per cent of the supply chain the company needs to build a production line can be sourced locally. LionVolt could be one of the next big OEM’s in the Brainport region.”
The company spun off last year from TNO at Holst Centre (located within the High Tech Campus of Eindhoven, the Netherlands), building on seven years of research and development of its innovative battery design.