Enpower Greentech, a solid-state battery innovation enterprise, announced on Thursday that it has raised $20 million in a Series-A+ round of financing led by Sequoia China and Dayone Capital. GAC Capital, BR Capital, Tianqi Capital and Niuli Venture also participated in the financing round.
The funds are intended to accelerate the industrialization of the firm’s solid-state batteries, following its Series A funding of over $20 million earlier this year. The financing is implemented mainly for product iteration, market expansion and production line construction.
Enpower Greentech is an innovative company focusing on the R&D and industrialization of new-generation batteries and their core materials, such as lithium metal batteries and solid state batteries. It has R&D and manufacturing centers in China, the United States and Japan. Enpower Greentech has an international team of 15 Ph.D. holders and several master’s degree holders from China, the United States and Japan, who have accumulated extensive R&D and industrial experience in the battery and high-tech product industries.
Enpower Greentech is advancing into the power battery market by taking the high-end drone market as its entry point, and by cooperating with car companies through process iteration, capacity expansion and development. The company is currently negotiating with several car companies to jointly promote the development and mass production of power battery products. The firm said it will choose to build its own factory and cooperate with car companies to achieve large-scale mass production and delivery of products.
As for the future costs of all-solid-state lithium metal batteries, Enpower Greentech holds that compared to ternary liquid lithium-ion batteries, as the industry chain matures, the BOM cost will have an advantage of around 20% or 30%, and the overall production time will be greatly shortened because the back-end link such as injection and formation is eliminated in the production process. Therefore, in general, the production cost of solid-state batteries will have an advantage.