TUCSON, AZ — A Tucson-based company has landed a significant investment to commercialize its battery technology for electric vehicles.
Sion Power Corp. announced Jan. 24 it closed a $75 million series A round led by South Korean battery company LG Energy Solution, with participation from Euclidean Capital and Hillspire LLC, the family office of former Google CEO Eric Schmidt.
LG Energy Solution’s investment in Sion Power was made via LG Technology Ventures and Bricks Capital Management.
“We’ve invested in Sion Power because its strong IP portfolio is critical to enable lithium-metal technology on a commercial basis,” Jim Simons, chairman of Euclidean Capital, said in a statement. “Its technology is superior to that of a conventional battery with a scalable manufacturing process that offers a faster and lower-cost solution.”
