Ion Storage Systems Announces $30M Investment
Ion Storage Systems (ION) – a battery technology company founded by Eric Wachsman, UMD Distinguished University Professor, Maryland Energy Innovation Institute (MEI2) Director, and ION’s Executive Chair – announced the initial closing of its $30 million Series A financing round.
This investment – led by Clear Creek Investments, VoLo Earth Ventures and Alsop Louie Partners, which builds on the $8 million seed funding initiative that Alsop Louie Partners and VoLo Earth Ventures led – will enable ION to commission and qualify a battery cell manufacturing line at its Beltsville, MD headquarters capable of producing 10MWh/yr of its safe, energy dense and versatile solid state batteries.
“It’s extremely gratifying to see this novel solid state battery technology created in my laboratories at the University of Maryland rapidly transition from academic research to a viable commercial product with such far reaching impact across multiple energy storage markets,” said Wachsman. “The team has been making tremendous strides each and every day as recognized by this major investment in our company, and I am honored to be a part of it.”
Production will initially be allocated to qualifying commercial cells for its aerospace and defense customers, generating revenue by the end of 2023. This investment will also accelerate the development projects ION has signed with multiple electric vehicle manufacturers, defense contractors and consumer electronics companies. As part of the financing agreement, Todd Crescenzo, Clear Creek Founder and Managing Partner, and Joseph Goodman, PhD, VoLo Earth Ventures Co-Founder and Managing Partner, will join ION’s Board of Directors.
“Clear Creek is excited to invest with and alongside our investors in Ion Storage Systems given the company’s innovative battery technology, incredible team and complimentary commercial partners with the aligned goal of disrupting the battery industry for the better,” said Crescenzo.
Goodman added: “ION de-risks electrification for OEMs with a safer, lower cost and more energy dense battery that is also robust to critical battery materials, such as lithium, cobalt and nickel. Automotive and aviation OEMs are already gaining competitive advantages through partnership with ION."
ION creates high-energy density, solid-state lithium metal batteries that are safer, lighter and enable form factors with tighter packing density, which enhance system performance. ION’s nonflammable technology offers safe operation, greater abuse tolerance, and both volume and weight reduction. These advances empower the world’s innovators to redefine what is possible and begin building the products-of-tomorrow today.
“We’re excited to begin commercial production of our transformative technology and getting it into the hands of our customers,” said Ricky Hanna, ION’s CEO. “ION’s battery performance and safety far exceed what traditional Lithium Ion can offer and will become the benchmark for battery design for decades to come. Our team continues to work hard to bring our technology to market and make us the first commercial solid state battery company to generate commercial revenue.”
About Clear Creek Investments, LLC
Clear Creek Investments (CCI) is an emerging investment manager, based in Solana Beach, California with a focus on investing in companies across the Energy, Food and Water sectors. Specifically, CCI looks to invest in companies across these critical but resource constrained sectors that are stewards of catalytic capital – “doing more with less” – in the spirit of global innovation and betterment. CCI takes a long-term, patient capital approach when partnering with portfolio companies and invests across public and private markets. The firm was founded in January 2021 and currently manages three investment vehicles across the private and public markets.
About VoLo Earth Ventures
VoLo Earth is addressing our planet's climate crisis at its roots by providing first-in funding and hands-on leadership to early-stage climate tech companies. VoLo Earth strives to grow, propagate and capitalize on climate solutions with an intent to deliver superior investment returns and quantifiable carbon benefits.
About Alsop Louie Partners
Alsop Louie Partners is an early-stage, risk-oriented technology venture capital firm in San Francisco.
Published February 9, 2022