Materials science company Forge Nano has received a $10-million investment from GM Ventures, the venture arm of General Motors, to develop its battery coating technology.
The investment adds to its previous $50 million Series C funding round, which included participation from Hanwha, Orion Infrastructure Capital, Catalus Capital and Ascent Funds. The company has raised more than $100 million to date, including investments from Volkswagen, Mitsui Kinzoku, LG Technology Ventures, Sumitomo, Air Liquide and SBI Investment.
The GM Ventures investment will enable Forge Nano to further enhance its Atomic Armor platform technology, which can apply thin coatings to the surface of materials or objects to enhance the underlying substance’s performance and durability. Forge Nano intends to continue expanding its battery material coating business, which includes in-house active material coating services, external equipment sales and production of Atomic Armor-powered battery cells, as well as expand its footprint in semiconductors.
General Motors and Forge Nano have also signed a strategic partnership agreement to potentially use Atomic Armor equipment to coat cathode active materials for GM’s EV battery cells to increase performance and lifetime. Forge Nano intends to develop thin-film coatings to enhance GM’s cathode active materials and build prototype lithium-ion battery cells at its Colorado headquarters to demonstrate Atomic Armor’s showcase capabilities.
“General Motors’ investment will allow us to further enhance battery material performance and durability, while allowing us to expand our footprint in other key areas like semiconductors,” said Paul Lichty, CEO of Forge Nano. “We look forward to working closely with GM to enhance battery cell performance for future electric vehicles.”
Source: Forge Battery
