Ion Storage Systems (ION), the battery technology company founded by ECS President Eric Wachsman, announced the initial closing of its $30 million Series A financing round. Clear Creek Investments, VoLO Earth Ventures, and Alsop Louie Partners led the investment. With the funding, ION will commission and qualify a battery cell manufacturing line capable of producing 10MWh/yr of safe, energy dense and versatile solid state batteries.
Ion Storage Systems
ION started in Dr. Wachsman’s University of Maryland chemistry lab with a $574,275 federal grant. The company’s high-energy dense, nonflammable solid state lithium metal batteries are safer, lighter, pack tighter density, tolerate greater abuse, and have reduced volume and weight. The new financing enables the company to launch a factory near Washington, D.C., and begin commercial production of the batteries. Aerospace and defense customers will receive the first commercial cells followed by development projects with multiple electric vehicle manufacturers, defense contractors, and consumer electronics companies. (more…)