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LG Energy Solution Leads $75M Funding Round for Sion Power: A Paradigm Shift in Battery Technology

Funding Round Details:

  • Sion Power, a battery technology startup, secured $75 million in an early-stage funding round.

  • LG Energy Solution, a South Korean battery manufacturer, led the funding, with additional investment from Eric Schmidt's family office, Hillspire.

Specialization in Lithium-Metal Cells:

  • Sion Power specializes in lithium-metal cells, utilizing its Licerion battery technology.

Validation and Manufacturing Plans:

  • The company aims to seek both technical and market validation for its Licerion battery technology.

  • Plans include establishing a manufacturing line for the production of lithium-metal cells.

Technological Advantages:

  • Licerion battery technology is known for high energy density, allowing increased power storage in a cell.

  • It provides a high power-to-mass ratio, enhancing overall battery efficiency.

Future Vision and Timeline:

  • Sion Power envisions its battery technology being utilized in electric vehicles (EVs) by the year 2027.

  • The specific valuation at which the $75 million was raised remains undisclosed.

Industry Context and Trends:

  • The funding announcement aligns with a period where automakers are actively seeking advancements in EV batteries to lower production costs and extend driving range, promoting wider adoption.

Versatile Applications and Industry Partnerships:

  • Sion Power's Licerion batteries find applications across various EV segments, including high-performance, compact, and economy vehicles.

  • The battery system is customizable to address different performance requirements.

  • LG Energy Solution, a major supporter, has existing agreements with Toyota and is involved in battery-related ventures with Hyundai and Honda.


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