Lithium-ion battery technology developer Enevate receives $81 million in Series E funding

According to foreign media reports, Enevate, a developer of lithium-ion battery technology, has received $81 million in Series E financing, led by Fidelity Management & Research Company, and its existing investors Mission Ventures and Infinite Potential Technologies also participated in this round of financing. As of now, Enevate has raised a total of $191 million. Enevate mainly develops silicon-dominated lithium-ion (Li-ion) battery technology to provide extremely fast charging and high energy density for electric vehicles (EVs) and other markets.

Enevate said the financing will help significantly expand its pilot production line to help EV and other battery customers achieve large-scale battery production using Enevate silicon anode batteries. The funds raised will also help Enevate expand its scale and accelerate its development, such as hiring more employees, especially scientists and engineers.

In January 2020, Enevate launched its fourth-generation silicon-dominated battery technology, with a battery energy density of up to 800 Wh/L and 340 Wh/kg. The use of XFC-Energy technology (extreme fast charging, XFC) enables large-scale production of soft-pack, square and cylindrical EV batteries (such as flexible anodes that can be stacked or wound), suitable for different battery modules and battery pack architectures.

Enevate has worked with several automakers and EV battery manufacturers to help them drive the development of a new generation of EVs with minimal additional investment through existing production equipment, thereby solving the customer pain points of EV companies. Compared with other startups, Enevate has the largest patent portfolio related to silicon lithium-ion battery technology and a variety of advanced lithium-ion battery innovations, including anodes, cathodes, electrolytes, separators, compositions, battery designs, and battery structures. Currently, Enevate has patents in more than 95% of the jurisdictions where electric vehicles are sold worldwide.

Enevate, based in Irvine, California, counts Alliance Ventures, the venture capital fund of the Renault-Nissan-Mitsubishi Alliance, South Korea's LG Chem, Samsung Venture Investment, DFJ, Tsing Capital, Presidio Ventures, Lenovo, CEC Capital and Thai energy giant Bangchak as investors.