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Sila Raises $375m To Deliver Titan Silicon For Auto Series Production

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By Author: otis
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Sila, a leading battery materials company, has successfully secured $375 million in its Series G funding round. The round was spearheaded by current investors Sutter Hill Ventures and funds advised by T. Rowe Price Associates, Inc., with the addition of new and existing investors such as Bessemer Venture Partners, Coatue, and Perry Creek Capital. These funds will play a crucial role in finalizing Sila's Moses Lake manufacturing plant by Q1 2025, enabling the company to commence supplying its Titan Silicon anode material to automotive clients by Q4 2025.

Major clients like Mercedes-Benz and Panasonic have already inked deals with Sila, alongside three undisclosed customer contracts, all of which will be fulfilled through the Moses Lake facility. The latest funding round is geared towards ramping up production capacity while ensuring compliance with rigorous automotive quality and reliability standards. The Moses Lake plant is progressing as planned and will have the capability to cater to multiple clients, with future expansions facilitating production for up to a million cars annually.

Sila has showcased remarkable ...
... technical differentiation and market acceptance of its Titan Silicon anode, which has the potential to replace a significant portion, if not all, of the graphite in a lithium-ion cell. This breakthrough is pivotal for the next wave of electric vehicles (EVs), offering substantial enhancements in battery performance and charging speeds. Titan Silicon boasts a 20-25% increase in energy density compared to the top-performing graphite cells currently on the market, enhancing EV efficiency, extending vehicle range, and reducing charging durations. Future iterations of Titan Silicon aim to elevate energy density by up to 40%, reduce recharge times to under 10 minutes, and decrease the cost per kWh of batteries.

Gene Berdichevsky, Co-founder and CEO of Sila, stressed the importance of this technological advancement for the automotive sector to align with consumer demands and transition fully to electric vehicles. Joseph Fath, a portfolio manager at T. Rowe Price Associates.

Read More - https://www.techdogs.com/tech-news/business-wire/sila-raises-375m-to-deliver-titan-silicon-for-auto-series-production

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