Sila Nanotechnologies, an Alameda, California-based next-gen higher energy density batteries manufacturer, as per recent reports, has just closed in a Series E funding round, raising $170 million. The funding round was led by German automotive giant Daimler AG and was participated by new investor 8VC, along with returning investors Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Siemens Next47, and Sutter Hill Ventures.
With this recent funding, the Alameda-based Sila plans on rolling out the first Sila Nano-powered batteries, in its attempt to accelerate the innovations in the field of powerful, low-cost electric vehicles.
The latest Series E Funding evaluates the company’s total funding to date at $295 million, valuing Sila at a net worth $1 billion. Jeff Immelt, former CEO of General Electric, will be joining Sila Nano as an independent director and board member, bringing in deep global expertise in materials and manufacturing. Also, as part of its investment, Daimler’s Director of Cooperation and Innovation Management, Alex Nediger, will also be joining Sila Nano as a board member.
“We’ve cracked the code on silicon thanks to eight years and 35,000 iterations developing our materials to improve battery storage capacity,” states Gene Berdichevsky, co-founder and CEO, Sila Nano. “Now we’re ready to bring this to market, and partners like Daimler and Jeff Immelt bring critical expertise and support as we enter this next phase and begin putting Sila inside the vehicles and devices people use every day.”
“Advancements in lithium-ion batteries have become increasingly limited, and we are fighting for incremental improvements,” says Jeff Immelt. “I’ve seen first-hand that this is a huge opportunity that is also incredibly hard to solve. The team at Sila Nano has not only created a breakthrough chemistry, but solved it in a way that is commercially viable at scale.”