UNIGRID Battery announced a successful close of an oversubscribed $12 Million Series A funding round. The financing was Co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures and existing investor Foothill Ventures. The investment will accelerate and scale-up UNIGRID’s battery production to fulfill MWh-scale customer orders in the electric mobility and stationary storage markets.
UNIGRID’s sodium-ion battery technology innovation focuses on:
- Developing high energy density sodium-ion batteries. Using its proprietary alloy anode technology, it addresses a crucial sodium-ion bottleneck, energy density. The battery chemistry doubles the volumetric energy density of sodium-ion and enables it to exceed the energy density of lithium iron phosphate (LFP) batteries.
- Eliminating the use of critical or rarer materials such as lithium, cobalt, nickel, and copper, from its battery chemistry entirely, instead using only abundant materials.
- Achieving safety and performance metrics that exceed that of LFP.
A key strength to UNIGRID’s technology is its drop-in compatibility with conventional Li-ion battery manufacturing infrastructure, along with off-the-shelf availability of materials in the existing supply chain. As such, the team currently works with battery manufacturing partners to immediately scale its products, avoiding the need for highly customized equipment or the redesigning of tools, which has been a barrier for various next generation battery technologies. This has resonated well with customers and system integrators looking for immediate alternatives to Li-ion batteries.