UNIGRID Battery has successfully closed an oversubscribed $12 million Series A funding round, co-led by Transition VC and Ritz Venture Capital. The round also saw participation from new investor Union Square Ventures and existing backer Foothill Ventures. The capital influx will be directed towards accelerating and scaling UNIGRID’s battery production to meet the growing demand for MWh-scale orders in the electric mobility and stationary storage markets.
UNIGRID is at the forefront of innovation in sodium-ion battery technology, with a focus on several key areas:
High Energy Density: Utilizing proprietary alloy anode technology, UNIGRID’s sodium-ion batteries address the critical bottleneck of energy density. This advancement doubles the volumetric energy density of traditional sodium-ion batteries and surpasses that of lithium iron phosphate (LFP) batteries.
Sustainable Materials: UNIGRID’s battery chemistry eliminates the use of scarce materials such as lithium, cobalt, nickel, and copper, relying instead on abundant alternatives.
Enhanced Safety and Performance: The technology achieves safety and performance metrics that exceed those of LFP batteries.
A significant advantage of UNIGRID’s technology is its compatibility with existing lithium-ion battery manufacturing infrastructure. This drop-in compatibility, combined with the availability of necessary materials in the current supply chain, allows UNIGRID to collaborate with battery manufacturing partners for immediate product scaling. This approach circumvents the need for specialized equipment or tool redesigns, which have been obstacles for other next-generation battery technologies. This compatibility has resonated with customers and system integrators seeking immediate and viable alternatives to lithium-ion batteries.
The successful funding round and technological advancements position UNIGRID Battery as a key player in the transition towards more sustainable and efficient energy storage solutions.