February 7, 2018
Ionic Materials Inc., a battery-material developer backed by Silicon Valley luminary Bill Joy, raised $65 million to build a production line and commercialize its technology.
Investors in the Series C funding round include Joy and Alliance Ventures, a venture capital company comprising automakers Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. Ionic declined to identify other participants.
Ionic is developing a polymer electrolyte material for solid-state alkaline batteries, a concept that will compete with the dominant lithium-ion technology. Alkaline may offer advantages that appeal to the electrical, automotive and consumer electronics industries, notably lower costs and improved safety in sensitive settings such as airplanes, Joy said.