July 18, 2024

Sila raises USD 375 Mln to deliver Titan Silicon for Auto Series Production

Sila raises USD 375 Mln to deliver Titan Silicon for Auto Series Production
Image taken from Sila website

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.

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.

Logo taken from Sila website

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.

Gene Berdichevsky, Sila Co-founder and CEO
Gene Berdichevsky, Sila Co-founder and CEO
Image taken from Sila Website

“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.

Source

Interested to know about companies which have received other types of funding? Then please visit:

Neural Concept raises USD 27 mln Series B to further accelerate global growth

Timeline Receives Financing from Strategic Global Industry Leaders in Series D Round

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