Nanoramic Raises $44 Million for Technology to Build More Sustainable Batteries
Boston-based Nanoramic, which develops advanced sustainable battery technology, announced that it had secured $44 million in financing. The company plans on using the funds to further efforts to commercialize its technology to improve lithium-ion batteries across a broad range of industries and applications.
Founded in 2009 out of MIT, Nanoramic works with some of the world’s largest automakers, consumer electronics companies, and battery manufacturers to develop and commercialize batteries made with its electrode technology, Neocarbonix, which the company said offers benefits including increased energy density and longevity, reduced cost and improved sustainability.
With demand for batteries for energy storage and electrification rising, Nanoramic has developed a technology that enables battery manufacturers to utilize safer and more sustainable alternatives to environmentally-unfriendly materials in conventional lithium-ion battery production, such as NMP solvent and PFAS “forever chemicals.”
John Cooley, Founder and CEO of Nanoramic, said:
“This investment represents a major inflection point for the company in its plans for global adoption of Neocarbonix. Our technology breaks down fundamental barriers to growth in the battery industry with substantial improvements in performance, cost, and sustainability across key applications and chemistries. We believe this technology will address urgent needs in critical electrification industries and we are compelled to bring it to market as rapidly as we can with the support of our investors.”
The round was co-led by GM Ventures and Catalus Capital, with participation from Samsung Ventures, Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Anirvan Coomer, Managing Director of GM Ventures, said:
“Innovations in battery technology are a key priority in our investment strategy, including our collaboration with Nanoramic targeting advances in the sustainability, cost and efficiency of battery manufacturing.”