Battery technology company Coreshell announced that it has raised $24 million to help scale  production to meet growing demand for its fast-charging, U.S.-produced silicon-based batteries for electric vehicles.

Founded in 2017, California-based Coreshell makes batteries from a natural and widely available form of silicon. The company’s technology enables batteries to use metallurgical silicon anodes, which enable energy storage at a much lower cost than widely-used graphite. Coreshell’s batteries provide 30-40% higher energy density than the widely-used graphite-based materials,  offering a longer driving range with a smaller and lighter-weight battery, the company said. The batteries also can charge in less than 15 minutes, and cost less to produce than their traditional counterparts, Coreshell said.

In addition to reducing cost and improving efficiency, the company added that its solution enables the use of domestically-sourced metallurgical silicon, reducing reliance on Chinese graphite.

Jonathan Tan, CEO of Coreshell, said:

“As the global EV industry reaches an inflection point, automakers recognize that alongside range, supply chain resilience – driven by reliance on foreign countries for graphite production – and cost reduction are key to overcoming adoption barriers. Coreshell is addressing these challenges by replacing graphite with domestically sourced metallurgical silicon, reducing costs, strengthening the supply chain, and improving sustainability.”

With the funding allowing the company to scale up manufacturing at its current production plant in California, as well as open an additional facility, Coreshell said it will begin delivering samples of its batteries to global automakers this year.

The round was anchored by Coreshell’s strategic partner Ferroglobe, one of the world’s largest merchant producers of silicon metal, along with Zeon Ventures. Additional financial and returning investors include Lane Ventures, Entrada Ventures, Foothill Ventures, Helios Climate Ventures, Translink Investment, Trousdale Ventures, and Asymmetry Ventures.

Benoist Ollivier, Chief Technology & Innovation Officer of Ferroglobe, said:

“Based on extensive validation by our team and rigorous lab testing, we believe Coreshell’s battery technology shows the most promise to fast-track the EV industry in reducing cost and tackling supply chain issues. Our strategic partnership and the excellent results from Coreshell’s technology are the reasons why we’ve further invested in the company. This is a critical moment to scale a domestic supply chain and drive success in the market.”