Battery materials company GDI announced on Tuesday the successful raise of an additional $11.5 million in Series A funding aimed at increasing the production of silicon anodes for electric vehicle (EV) batteries in the United States and Europe. This latest funding round was led by Helios Climate Ventures, Impact NY, and InnoEnergy, bringing GDI’s total Series A funding to over $20 million.
Based in Rochester, New York, GDI claims that its silicon anodes offer a 30% higher energy density compared to conventional graphite anodes, alongside charge times of under 15 minutes for electric vehicles.
CEO Rob Anstey stated that the new funds will support scaling up production at the company’s pilot facility in the Netherlands over the next two years, with the goal of supplying anodes to battery manufacturers.
Anstey further mentioned that GDI has entered into a joint-development agreement with an undisclosed EV cell manufacturer. This collaboration is expected to integrate GDI’s anodes into battery cells for applications in drones and medical devices within the next two to two and a half years, and eventually in electric vehicles by 2030. He highlighted the company’s optimism about securing a design win in the next generation of EVs by 2030, a process typically taking around five years with automakers.
“Normally it takes about five years” to get into an EV program with an automaker,” Antsey said. “We do believe we can be in the next generation of EVs and have a design win by 2030.”
GDI is part of a growing group of startups, including Nexeon, Group14 Technologies, and Sila Nanotechnologies, that are developing silicon anodes touted for their superior performance compared to graphite. It is noteworthy that China currently refines over 90% of the world’s graphite used in EV battery anodes, underscoring the strategic importance of alternative materials like silicon.
Last year, the European Investment Bank extended 20 million euros ($22.5 million) in loans and equity to GDI to facilitate the scale-up of its production capabilities. The recent funding aims to complement this financial support by matching a portion of the existing loan facility.
GDI’s advancements in silicon anode technology and the successful increase in funding reflect the company’s broader strategy to enhance energy storage solutions and meet the rising demand in the electric vehicle market. The additional capital will enable GDI to expand its production infrastructure and accelerate the integration of its advanced anode materials into various battery applications.
Source: Reuters
