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Sila, a company specializing in battery materials, has successfully raised $375 million in a Series G funding round. The funding was led by current investors Sutter Hill Ventures, and saw the participation of new external investors along with existing investors like Bessemer Venture Partners, Coatue, Perry Creek Capital, and others.
With this funding, Sila aims to complete construction of its Moses Lake facility by Q1 2025, allowing for the supply of its Titan Silicon anode material to automotive clients by Q4 2025. The company has already signed agreements with prominent names such as Mercedes-Benz and Panasonic, and has secured three additional contracts with customers. The expansion of Sila’s Moses Lake plant will provide sufficient capacity to meet the demands of its diverse clientele. Future expansions at the facility will enable Sila to produce adequate material to support the operation of up to one million electric vehicles annually.
Sila asserts that it has demonstrated both the technical uniqueness and market acceptance of Titan Silicon, a high-silicon anode that can potentially replace most, if not all, of the graphite in a lithium-ion cell.
WATCH: During a recent webinar hosted by Charged, Sila presents its Titan Silicon as a direct substitute for anode material
Titan Silicon was introduced to the market in 2021. Sila claims that it now delivers a 20-25% improvement in energy density compared to the top-performing graphite cells, enabling automakers to significantly extend vehicle range and reduce charging durations.
Gene Berdichevsky, the co-founder and CEO of Sila, stated, “Every car manufacturer understands that the future lies in electric vehicles and acknowledges that simply reducing costs is not enough to drive widespread adoption. To meet the expectations of consumers, the industry needs to take a significant leap forward with regards to battery performance and charging speeds.”
Joseph Fath, a Portfolio Manager at investor T. Rowe Price, remarked, “We have witnessed Sila’s consistent progress since our initial investment in the company in 2021. With its diligent focus on production and quality, we believe Sila possesses the determination and longevity required to meet the future global demand and become a leading player in the market for years to come.”
Source: Sila
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