September 25 (Renewables Now) - Woburn, Massachusetts-based battery technologies firm Lionano has completed a USD-22-million (EUR 18.7m) Series B financing round to boost commercial production of its cathode materials.
The company started mass production at a rate of 1,200 tonnes per year in early 2018 and aims to reach annual production of 10,000 tonnes by the end of 2019. It says its nano-engineered cathode material improves the performance of lithium-ion batteries in electric vehicles (EVs) and consumer electronics, creating batteries with greater storage capacity and cycle life and resulting in lighter and lower-cost consumer electronics and longer-range EVs.
The funding round was led by Wave Equity Partners, Helios Capital Ventures and NXT Ventures.
Lionano was set up 2013 by Cornell University graduates in partnership with Cornell electrochemistry professor Hector D Abruna.
(USD 1 = EUR 0.849)