January 29 (Renewables Now) - Advano, a US developer of a scalable silicon solution for lithium-ion (li-ion) batteries, has closed a USD-18.5-million (EUR 16.8m) Series A funding round.
The financing was co-led by Mitsui Kinzoku SBI Material Innovation Fund, as well as Future Shape, which is the investment firm of iPod inventor and Nest founder Tony Fadell, and PeopleFund. The round was also backed by Peter Thiel's Thiel Capital, DCVC and Y Combinator, among others.
Advano upcycles silicon waste from semiconductor or solar panel production to create its scalable silicon solution A-SiFx, which completely replaces graphite and boosts the energy density of li-ion batteries. The New Orleans-based firm announced on Tuesday a strategic partnership with Japanese battery materials supplier Mitsui Kinzoku. The alliance will enable the US start-up to make use of Mitsui's manufacturing know-how and its distribution channels.
At the same time, Advano appointed John Foster of biotech company Owl Biomedical Inc as its president and chief operating officer (COO).
(USD 1.0 = EUR 0.909)