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Lilium-backed Ionblox increases Series B funding to $32M

Ionblox Press Release | February 9, 2023

Estimated reading time 3 minutes, 14 seconds.

Ionblox, a next-generation lithium-ion battery company, announced a second close of its Series B round at an increased $32 million. Strategic partners include original investors Lilium and Applied Ventures who were joined by Temasek and Catalus Capital. The company will use the increased Series B funding to scale its technology, develop advanced high-power cells for electric aviation, and prototype fast-charge cells for electric vehicles.

Formerly known as Zenlabs Energy, battery maker Ionblox said it has increased its Series B funding to $32 million, which will be used to help scale its technology for electric aviation, including Lilium’s eVTOL aircraft. Lilium Image

The company’s batteries are developed with high-performance lithium-ion cells that have pre-lithiated silicon dominant anodes. The batteries can address the most demanding use cases such as electric vertical take-off and landing aircraft or eVTOL. Ionblox’s pre-lithiated silicon anode technology enables a ground-breaking combination of up to 50% higher energy density, five times more power, and an extreme fast charge of 10 minutes compared with conventional lithium-ion cells. Ionblox is currently producing its large format pouch cells of up to 50Ah on its pilot production lines.

“Here at Ionblox, we are commercializing next-generation lithium-ion batteries with pre-lithiated silicon dominant anodes in order to transform the future of electric mobility,” said Sujeet Kumar, chief executive officer at Ionblox. “The funding from this round will enable us to take an important step in our journey to scale our technology and set up our own cell manufacturing in the U.S. and other key markets.”

“The Ionblox technology enables one of the highest performance cells for eVTOL aircraft existing today and we’re proud to partner with Ionblox for our conforming aircraft. Test results to date are showing the technology will deliver not only superior energy and power density for the Lilium Jet at launch but also very good aging performance. We’re excited to continue our work together to support the continuous improvement and the ongoing industrialization of the technology,” said Yves Yemsi, chief operating officer of Lilium.

To commercialize its next-generation technology, Ionblox has received a development contract from USABC to develop low-cost, fast-charge electric vehicle batteries where its cell performance has been verified by Idaho National Lab and is also partnering with leading semiconductor equipment manufacturer Applied Materials.

This press release was prepared and distributed by Ionblox.

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