Lionvolt secures €4m to fund solid-state, lithium-ion battery
24 November 2021
Dutch battery start-up LionVolt has closed a seed round of €4 million, bringing its total funding this year to more than €5 million as the company plans to develop ‘the most efficient and sustainable solid-state, lithium-ion battery.’
The company’s mission is to revolutionise the battery industry by developing a 3D, solid-state, lithium-metal battery, which is more environmentally friendly than traditional lithium-ion batteries. Lionvolt claims it is creating batteries that will transform the energy sector when it comes to safety, energy density, and performance.
The funding will be used to develop the solid-state lithium-ion battery that Lionvolt says will deliver faster charging and a longer lifespan. This should lead to fewer batteries used, with the company planning to make its batteries available to the automotive and aviation industries.
Lionvolt promises its design is 100% safe, weighs 50% less and provides 200% improved performance compared to most advanced lithium-ion batteries available on the market today.
Transforming the battery industry
‘The battery industry requires a bold new approach to meet evolving needs in terms of cost, performance, safety and sustainability,’ said LionVolt CEO Karl McGoldrick. ‘We are pioneering that solution while building a strong ecosystem to support this innovation.’
The funding round was led by tech venture-capital firm Innovation Industries and joined by startup fund Brabant Development Agency (BOM), as well as investor Sake Bosch. Spun off last year from the Netherlands Organisation for Applied Scientific Research, Lionvolt is looking to advance its research.
The funding will help the company develop its R&D in the Netherlands, a country known for its innovations surrounding climate technologies. Nearly 80% of the supply chain the company needs to create a production line can be sourced locally, potentially turning Lionvolt into one of the next big OEMs in Brainport – one of Europe’s top tech regions.
‘LionVolt’s new technology will provide consumers with better, longer-lasting batteries while also contributing to the adoption of exciting technologies like wearables and electric cars,’ said Nard Sintenie, partner at Innovation Industries.
The company has bold visions and wants to start building a gigafactory in the next five years, aiming to become a key player in the global battery industry. The EU is eager to create a competitive and sustainable battery-cell manufacturing value chain in Europe, a market that is estimated to have an annual value of up to €250 billion by 2025.
Young startups like Lionvolt are promising to deliver on European goals to ramp up the local battery industry by combing cutting-edge competencies with a cross-industrial approach and sustainable production capacity.
Competition in the field is growing as plans to build gigafactories are underway across the region. Last month, Serbian battery developer ElevenEs signed an agreement with early-stage investor EIT InnoEnergy to build the first lithium-iron-phosphate (LFP) battery gigafactory in Europe. If European gigafactories want to thrive against competition from Asia, continued investment, alongside support from national and regional governments is required to help them along.