EV Battery Startup NanoGraf Gets Another Charge with $65M in Funding
NanoGraf Corporation, a battery materials startup, has raised $65 million in an oversubscribed Series B funding round. The fresh capital brings the Chicago-based company’s total raise to over $100 million, including a $10 million contract from the US government in November 2022 to develop the first large-volume silicon oxide anode manufacturing facility in Chicago.
The fundraising was led by Volta Energy Technologies and CC Industries, with participation from Emerald Technology Ventures, Material Impact, Arosa Capital, Nabtesco Technology Ventures, TechNexus, Hyde Park Angels, Evergreen Climate Innovations, and Goose Capital.
NanoGraf, a spinout of Northwestern University and Argonne National Laboratory, had previously raised a total of $27 million in funding from a mix of venture and angel investors.
NanoGraf claims it has enabled the highest energy-density cylindrical 18650 Lithium-ion cell in the world, which are used in the production of electric vehicles.
“This funding not only ensures a domestic supply of a key strategic component of next generation lithium-ion batteries, but also enhances our national competitiveness in the global energy storage space,” said Dr. Francis Wang, CEO of NanoGraf.
In December NanoGraf announced plans to launch production in the fourth quarter of this year in a 17,000 square foot manufacturing facility in Chicago.