Battery technology startup Tiamat announced that it has raised €22 million, with proceeds aimed at developing and commercializing its lithium-free sodium-ion battery technology.

Established as a spin-off from France’s Centre National de la Recherche Scientifique (CNRS) in 2017, Tiamat designs, develops and produces solutions for energy storage applications. The company’s sodium-ion technology offers strong properties for power applications, including fast charging, durability, high power density and safety, as well as low cost per kilowatt-hour. The technology, based on abundantly available sodium, is also free of lithium and cobalt, helping to address key sustainability and supply chain constraint challenges facing the battery sector.

The funding round added several new strategic investors, including automotive giant Stellantis, through its corporate venture fund Stellantis Ventures, materials science company Arkema, and defense equipment company MBDA.

Ned Curic, Stellantis Chief Engineering and Technology Officer, said:

“Exploring new options for more sustainable and affordable batteries that use widely available raw materials is a key part of our ambitions of the Dare Forward 2030 strategic plan that will see us reach carbon net zero by 2038. Our customers are asking for emissions-free vehicles that offer a combination of robust driving range, performance and affordability. This is our North Star, as Stellantis and its partners work today to develop ground-breaking technologies for the future.”

Alongside support from the French government and the EU, proceeds from the financing round will be used by the company for a new 5 GWh sodium-ion battery cell Giga-factory in France, initially focused on power tools and stationary storage applications, and targeting scaling up production of second-generation products for battery electric vehicle (BEV) applications. Operational capacity at the plant could reach 0.7 GWh by the end of 2025, according to Arkema.

Armand Ajdari, Chief Technology Officer at Arkema, said:

“Our portfolio of advanced materials enables us to provide solutions for all our customers’ battery technologies. The sodium-ion technology developed by Tiamat is very interesting, as it will enable to do away with the dependence to lithium and several strategic metals. This operation enriches our ecosystem, and is perfectly in line with Arkema’s strategy: innovative materials for a sustainable world.”