Cleantech startup AM Batteries today announced that it has raised $30 million in a Series B in a funding round led by Toyota Ventures, with proceeds aimed at accelerating the commercialization of its dry battery electrode manufacturing technology to reduce CO2 emissions and cost of the manufacturing process.
Founded in 2016, Massachusetts-based AM Batteries is developing technology to significantly reduce the amount of chemicals and the overall carbon footprint of the electrode manufacturing process. The company’s dry battery electrode (DBE) process uses a method that reduces the number of steps to make a battery electrode by removing the need for electrode drying and solvent recovery, resulting in reduced cost, time, and energy while eliminating the need for harmful solvents. The company said that its solution supports the commercialization of greener batteries, helping to OEMs and cell makers as they search for the best option to reduce the cost of EVs for mass market adoption.
Lie Shi, CEO of AM Batteries said:
“Our approach has the potential to reduce energy usage and CO2 emission by 40% in the battery manufacturing process, creating an overarching net positive for the massive exponential growth of the EV market. Our Series B brings in additional strong strategic, financial, and automotive industry investment as well as continued backing from our incredible existing investors.”
In addition to Toyota Ventures, participants in the funding round included strategic investors Porsche Ventures and Asahi Kasei, with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures.
Lisa Coca, Climate Fund partner at Toyota Ventures said:
“We are thrilled to lead AM Batteries’ Series B given the impressive progress on critical technical and business milestones since our participation in its Series A. Batteries are integral to the energy transition, and AM Batteries’ dry electrode technology creates a necessary pathway for wide-scale deployment with a dramatically reduced CO2 emissions profile.”
AM Batteries has raised over $60M to date and recently hired Lie Shi as CEO. Lie formerly served as President of Celgard, a membrane technology company based in the U.S. that invented and commercialized solvent-free, dry-process microporous membrane separators for lithium-ion batteries. Also Hieu Duong has been named Chief Manufacturing Officer. Hieu, a former Tesla director, served in leadership roles furthering battery technologies at Maxwell Technologies, GE, Zpower, and Quallion.