Sila, a battery startup, has successfully raised $375 million to complete the construction of a U.S. factory aimed at scaling its cutting-edge battery technology for clients like Mercedes-Benz and Panasonic by the end of 2025.
Formerly known as Sila Nanotechnologies, the company is set to finalize the construction of its facility in Moses Lake, Washington, in the first quarter of next year. This plant will kickstart the mass production of its Titan Silicon anode material.
The Series G round, which is all equity, was led by existing investors such as Sutter Hill Ventures, with contributions from Bessemer Venture Partners, Coatue, Perry Creek Capital, and others. This funding comes at a time when many electric vehicle battery companies are struggling to bring products to market.
Despite the tough market conditions, Sila’s founder and CEO, Gene Berdichevsky, remains confident in the company’s technology, scaling plans, and factory schedule. This funding milestone is crucial as it brings Sila closer to getting its batteries into vehicles on the road.
Sila’s unique approach to battery chemistry involves substituting graphite with silicon in lithium-ion batteries, providing a more localized supply chain and a denser, more cost-effective battery that can facilitate faster EV charging.
By replacing graphite with silicon, Sila’s products have shown a 20% to 25% increase in energy density. Looking ahead, the company anticipates a 40% increase without needing any other changes in the battery design.
The Moses Lake facility is a crucial step for Sila in achieving automotive series production standards. While the company has already supplied its Titan Silicon to Mercedes and plans to work with Panasonic, further validations are needed before mass production.
With a focus on revolutionizing battery technology, Sila aims to continuously innovate and cater to the growing demand for electric vehicles in the market.
