Graphene Battery Startup Nanotech Energy Raises $64 Million

Los Angeles-based mostly Nanotech Energy declared Tuesday it lifted $64 million in Collection D funding to enable the corporation broaden its graphene battery procedure. The organization has so far elevated $94.9 million in overall at a $550 million valuation, pursuing a approximately $30 Collection C spherical earlier this calendar year.

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Headquartered along Wilshire Avenue, Nanotech Power generates graphene-based mostly batteries, which promise improved energy-effectiveness, value-performance and charging time for electrical cars and other shopper electronics. The company’s products and solutions are primarily based on the do the job of two UCLA researchers: Richard Kaner, a chemistry professor who has been studying graphene technology given that the early 2000s, and Maher El-Kady, a postdoctoral scholar.

Nanotech Energy is 1 of numerous organizations functioning on graphene-based systems. Chicago-based NanoGraf, for case in point, is doing the job on a method to empower small-price producing of graphene-based batteries. In the world of consumer electronics, Real Graphene sells a graphene-primarily based electricity financial institution that it statements can produce a entire telephone cost in under 20 minutes. A Nanotech Electrical power spokesperson declined to remark on earnings figures.

From still left: Nanotech Power co-founder CEO Jack Kavanaugh and UCLA researcher Richard Kaner.

Nanotech Energy’s Series D funding will go toward creating a European headquarters in Amsterdam and to establish a graphene battery manufacturing plant in Reno, Nevada, which is envisioned to be accomplished by late 2022. The organization also plans to make enhancements to its plant in Chico, California.

“We’ve invested extra than 7 several years diligently generating new elements to enhance battery storage potential and safety and are now moving into a new stage of manufacturing at industry-degree scale,” mentioned CEO and co-founder Jack Kavanaugh in a push launch saying the increase.

The Series D spherical was led by Fubon Fiscal Holding Co., a Taiwan-based mostly money providers business. The Nanotech Electricity spokesperson did not disclose other individuals in the round.

“We feel Nanotech Energy’s proprietary, non-flammable graphene batteries have a distinct path to prevalent adoption and international scalability,” Fubon Chairman Richard Tsai reported in the press launch.