Graphene battery company raises $64M
Company claims first mass production of monolayer graphene Metal Tech News - August 12, 2021
Last updated 8/31/2021 at 3:14pm
Graphene manufacturer and producer of graphene-based batteries Nanotech Energy Inc. reported Aug. 10 it had raised $64 million in funding to be used toward the development of a high-volume graphene manufacturing facility in Reno, Nevada, as well as a potential new headquarters in Amsterdam.
Founded in 2015, Nanotech has been researching and developing scalable graphene production and graphene batteries for many years, holding one of the earliest patents for the 2D material after its discovery in 2002. Based out of California, the company has made significant progress with graphene, even so far as successfully creating a method to manufacture graphene at the mass production scale.
As the only producer of non-flammable, graphene-based batteries, this latest funding is a testament to the potential of this company.
"We've spent more than seven years diligently creating new materials to improve battery storage capacity and safety and are now moving into a new phase of production at industry-level scale," said Nanotech Energy CEO and co-founder Jack Kavanaugh. "We're pleased to have an investor like Fubon, who recognizes the incredible opportunities presented by graphene, embraces science and shares our vision."
To date, Nanotech has raised approximately $94.9 million, which has been used to help develop its Chico, California factory that produces graphene-based conductive inks, adhesives, EMI shielding, and silver nanowires. One of Taiwan's largest financial services companies, Fubon Financial Holding Co., led the recent backing in the form of Series D funding.
"We believe Nanotech Energy's proprietary, non-flammable graphene batteries have a clear path to widespread adoption and global scalability," said Richard Tsai, chairman of the Fubon Financial Group. "We are excited to play a role in helping Nanotech Energy transform the future of battery technology and energy storage, and look forward to our partnership with Jack Kavanaugh and his inspiring team as they work to bring their batteries to market."
To further verify its incredible potential, Nanotech Energy has stated it was able to solve one of the most significant challenges hindering graphene - manufacturing pure graphene on a mass-production scale.
In September 2020, it announced its groundbreaking achievement of developing a process that produces 90% monolayer graphene, making it the first and only producer to break the 50% content barrier. As of March 2021, it has achieved 95% and is fast approaching 98%.
As for its batteries, with the superconductive capabilities of graphene, Nanotech reports that it has managed to create one that not only performs better than conventional li-ion batteries but is also non-flammable.
Although the world primarily uses lithium-ion for its portable power needs, it does not come without risks. While it is a low chance, typical lithium batteries have the possibility of igniting. With this concern, the United States has banned them as cargo on passenger flights.
Nanotech, however, has developed its patented Organolyte, a new electrolyte that is not only stable but is also made from inexpensive materials while being easy to manufacture and is non-flammable. Also, according to the company, Graphene-Organolyte batteries store more charge and are safer than traditional lithium.
"Nanotech Energy's batteries are not only the safest batteries but also highest performing. They demonstrate higher cycle life, better performance at temperature extremes, better range and are faster charging," added Nanotech Energy Chief Technology Officer Maher El-Kady.