Sila Raises $375M to Deliver Titan Silicon™ for Auto Series Production
27 Junio 2024 - 8:30AM
Business Wire
Funding will secure plant completion in Q1,
2025 and delivery to auto customers in Q4, 2025
Sila, a next-generation battery materials company, announces it
has raised $375 million in a close of its Series G round led by
existing investors Sutter Hill Ventures and funds and accounts
advised by T. Rowe Price Associates, Inc., with participation by
new outside investors as well as existing investors Bessemer
Venture Partners, Coatue, Perry Creek Capital, and others.
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Construction at Sila's Moses Lake,
Washington plant (Photo: Business Wire)
The funding will secure the completion of the company’s Moses
Lake plant in Q1, 2025, enabling the delivery of its Titan Silicon
anode material to auto customers in Q4, 2025. Mercedes-Benz and
Panasonic, as well as three additional customer contracts yet to be
publicly disclosed, have been secured and will be fulfilled through
Sila’s Moses Lake manufacturing facility.
The new funding comes as Sila has already demonstrated technical
differentiation and market adoption of Titan Silicon as a high
silicon anode capable of replacing most or all of the graphite in a
Li-ion cell. The round focuses on scale-up as well as ensuring that
rigorous automotive quality and reliability standards and delivery
timelines are met. The build-out of Sila’s Moses Lake manufacturing
plant remains on schedule and will deliver enough capacity to serve
its multiple customers. Additional future expansions at the site
will enable Sila to produce enough material to power up to a
million cars per year.
“Our investors share the perspective that the world will
transition to fully electric,” said Gene Berdichevsky, Sila
Co-founder and CEO. “Every automaker knows the future must be
electric and realizes that the path to broader adoption isn’t
through cost reduction alone. To transform the world and meet
consumer expectations, the industry needs to take the next big step
on battery performance and charging speeds. With Sila, automakers
can deliver next-generation EVs that will win over those who expect
more from their electric experience.”
“We have observed Sila’s steady execution since we first
invested in the company in 2021,” said Joseph Fath, portfolio
manager at T. Rowe Price Associates, Inc. “With its disciplined
focus on manufacturing and quality, we believe Sila has the
persistence and durability to meet future global demand and be a
market leader for the long haul.”
Titan Silicon was the first commercial next-generation silicon
anode technology to enter the market in 2021. Today, it delivers up
to a 20-25% energy density improvement over the industry’s best
performing graphite cells, enabling automakers to deliver unmatched
EV performance, dramatically increasing vehicle range and reducing
charge times – pivotal to addressing consumer concern in switching
to electric. Future releases of Titan Silicon will drive
improvement of up to 40%, recharge times to less than 10 minutes,
and lower the $/kWh cost of batteries.
Ardea Partners LP served as the exclusive financial advisor to
Sila for its Series G round.
To learn more, visit silanano.com.
About Sila
Founded in 2011, Sila is a next-generation battery materials
company with the mission to power the world’s transition to clean
energy. Sila shipped the world’s first commercially available
silicon anode for lithium-ion batteries in 2021, and has since
enabled battery performance enhancements in multiple consumer
electronics devices. Sila’s Titan Silicon anode will next power
electric vehicles, including an upcoming version of the
Mercedes-Benz G-Class and will be used within Panasonic Energy’s
next-generation lithium-ion batteries, which will also serve the
automotive industry. Committed to American leadership in clean
energy production, Sila is scaling its technology at its
manufacturing facility in Moses Lake, Washington. Major financial
investors include 8VC, Bessemer Venture Partners, Canada Pension
Plan Investment Board, Coatue, Matrix Partners, Sutter Hill
Ventures, and funds and accounts advised by T. Rowe Price
Associates, Inc.
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Yalda Rafie SutherlandGold for Sila sila@sutherlandgold.com