AM Batteries Raises $30M in Series B

AM Batteries, a Chelmsford, MA-based company working in the field of lithium-ion dry-electrode technologies, raised $30M in Series B funding.

The round, which brought the total amount to $60M, was led by Toyota Ventures with participation from from Porsche Ventures and Asahi Kasei, RA Capital Management – Planetary Health, Wilson Sonsini, Industry Ventures and existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures.

The company intends to use the funds to accelerate commercialization of its dry battery electrode technology.

Led by CEO Lie Shi, AM Batteries focuses on throughput dry-electrode manufacturing for lithium-ion batteries. Compared to the conventional slurry-casting approach, its technology eliminates solvent recovery and electrode drying, which can reduce the energy consumption of a battery plant by more than 40% and save up to 40% in capital expenditures in electrode manufacturing, while reducing the plant’s carbon footprint by nearly 40%. AM Batteries’ future-proof manufacturing technology can be leveraged for multiple types of battery-electrode fabrication.