Battery materials company Sila has raised $375 million in a Series G funding round led by existing investors Sutter Hill Ventures, with participation by new outside investors as well as existing investors Bessemer Venture Partners, Coatue, Perry Creek Capital and others.
The funding will secure the completion of the company’s Moses Lake plant in Q1 2025, enabling the delivery of its Titan Silicon anode material to auto customers in Q4 2025. Sila has already inked contracts with Mercedes-Benz and Panasonic, and three additional customer contracts have been secured. The build-out of Sila’s Moses Lake facility will deliver enough capacity to serve the company’s multiple customers. Future expansions at the site will enable Sila to produce enough material to power up to a million EVs per year.
Sila says it has demonstrated technical differentiation and market adoption of Titan Silicon, a high-silicon anode capable of replacing most or all of the graphite in a Li-ion cell.
WATCH: In a recent Charged webinar, Sila explains its Titan Silicon as a drop-in replacement anode material
Titan Silicon came on the market in 2021. Sila says it now delivers an energy density improvement of up to 20-25% over the best-performing graphite cells, enabling automakers to dramatically increase vehicle range and reduce charging times.
“Every automaker knows the future must be electric, and realizes that the path to broader adoption isn’t through cost reduction alone,” said Gene Berdichevsky, Sila co-founder and CEO. “To meet consumer expectations, the industry needs to take the next big step on battery performance and charging speeds.”
“We have observed Sila’s steady execution since we first invested in the company in 2021,” said Joseph Fath, Portfolio Manager at investor T. Rowe Price. “With its disciplined focus on manufacturing and quality, we believe Sila has the persistence and durability to meet future global demand and be a market leader for the long haul.”
Source: Sila
