Which battery tech companies raised funds?

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Battery technology startups raised a record $19.9 billion in 2024, with venture capital alone accounting for $3.7 billion of that total.

Early 2025 has maintained this momentum with breakthrough funding rounds continuing across multiple battery technologies, from long-duration storage to next-generation chemistries. The funding landscape reveals clear patterns in investor preferences, geographic concentration, and technology focus areas that every entrepreneur and investor should understand.

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Which battery tech startups raised the largest funding rounds in 2024-2025?

Form Energy leads with $405 million in Series F funding, followed by Sila Nanotechnologies at $375 million and EnerVenue at $308 million.

Form Energy's massive round came from T. Rowe Price, GE Vernova, and Breakthrough Energy Ventures, specifically targeting their 100-hour iron-air storage technology for grid applications. This represents the largest single battery technology funding round in 2024.

Sila Nanotechnologies raised $375 million in June 2024 from Sutter Hill Ventures, T. Rowe Price, Bessemer, and Coatue to scale production of silicon-anode materials that increase lithium-ion battery capacity by 40%. Their Moses Lake facility began operations in Q1 2025.

EnerVenue secured $308 million in Series B funding through an undisclosed SEC filing for their nickel-hydrogen long-duration storage technology, which offers 20+ year lifespan with zero capacity degradation.

Natron Energy raised a combined $244.4 million across two rounds ($189M Series F in January 2024 and $55.4M Series F-II in April 2025) for sodium-ion battery production, with their North Carolina gigafactory breaking ground in 2025.

Who are the most active investors backing battery technology startups right now?

T. Rowe Price emerges as the most active institutional investor, participating in both Form Energy's $405 million round and Sila Nanotechnologies' $375 million round.

Breakthrough Energy Ventures (Bill Gates' fund) maintains significant battery technology exposure through Form Energy and continues seeking long-duration storage investments. Temasek appears in multiple deals including Form Energy, Sila Nanotechnologies, and Ascend Elements, demonstrating systematic battery technology allocation.

Corporate strategic investors are increasingly active: GE Vernova partnered with Form Energy beyond just funding, securing a strategic MOU for grid deployment. Intel Capital led Natron Energy's rounds, aligning with their semiconductor supply chain strategy.

European investors like Team Global (backing Theion's crystal-sulfur technology) and Kinnevik AB (funding Breathe Battery's AI software) represent growing international interest. Volvo Cars Tech Fund's investment in Breathe Battery demonstrates automotive OEM strategic participation.

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Which battery technologies are attracting the most investor capital?

Long-duration energy storage dominates funding with Form Energy ($405M iron-air) and EnerVenue ($308M nickel-hydrogen) capturing the largest rounds.

Advanced lithium-ion materials follow closely, with Sila Nanotechnologies ($375M silicon-anode) and Ascend Elements ($162M recycled cathodes) representing the materials innovation category. These companies focus on enhancing existing lithium-ion performance rather than replacing the chemistry entirely.

Next-generation chemistries attract smaller but growing investment: Natron Energy's sodium-ion technology ($244.4M total) and Theion's crystal-sulfur batteries (€15M) represent alternatives to lithium-ion with specific advantages like fire safety and ultra-high energy density.

Battery management software emerges as a funded category with Breathe Battery's $21 million Series B for AI-driven performance optimization tools. This represents the software layer that maximizes hardware performance across all battery chemistries.

Infrastructure services like Battery Smart's $21 million for EV battery-swap networks in India show investors funding the deployment ecosystem alongside core technology development.

Where are the leading battery technology investment hubs located?

The United States dominates battery technology funding with Massachusetts and California leading regional concentration.

Which automotive and energy giants are investing in battery startups?

GE Vernova leads energy sector strategic investment through both funding and operational partnership with Form Energy, including a strategic MOU for grid deployment projects.

Automotive OEMs participate primarily through dedicated venture funds: Volvo Cars Tech Fund invested in Breathe Battery Technologies, focusing on AI-driven battery performance software that enhances EV development cycles. Mercedes-Benz secured supply agreements with Sila Nanotechnologies rather than equity investment, demonstrating alternative strategic engagement models.

Corporate venture arms from technology companies show increasing activity: Intel Capital led multiple Natron Energy rounds, aligning sodium-ion battery technology with their semiconductor manufacturing and data center power requirements.

Energy infrastructure companies beyond GE Vernova remain notably absent from direct equity investment, instead preferring supply agreements and pilot project partnerships. This suggests these companies view battery startups as suppliers rather than strategic acquisition targets.

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What are the typical funding terms and deal structures in battery tech?

All-equity rounds dominate mega-financings, with Form Energy's $405 million Series F and Sila's $375 million Series G both structured as straight equity rather than convertible instruments.

Strategic partnerships accompany large funding rounds: Form Energy's Series F included a strategic MOU with GE Vernova for grid deployment collaboration. Sila Nanotechnologies secured supply agreements with Mercedes-Benz and Panasonic alongside their Series G funding.

Convertible notes appear less frequently in battery technology compared to software startups, likely due to the capital-intensive nature requiring clear equity ownership for manufacturing scale-up. EnerVenue's $308 million Series B filing remains undisclosed, suggesting potential complex strategic terms.

Corporate investors often secure supply agreements or pilot project rights alongside equity investment. Intel Capital's participation in Natron Energy includes potential procurement arrangements for data center applications.

European rounds like Theion's €15 million Series A feature more diverse investor syndicates including family offices (Geschwister Oetker) alongside traditional VCs, reflecting different capital source preferences by geography.

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Which early-stage battery companies are gaining VC traction?

Theion represents the most promising early-stage opportunity with €15 million Series A funding for crystal-sulfur technology that promises 10x energy density improvements over lithium-ion.

Breathe Battery Technologies secured $21 million Series B for AI-driven battery performance software, representing the software-layer opportunity that applies across all battery chemistries. Their London base provides European market access for automotive clients.

Battery Smart raised $21 million Series B1 for EV battery-swap networks in India, demonstrating infrastructure-play funding in emerging markets. Their Gurugram operation targets the rapidly growing Indian EV market with alternative ownership models.

Several undisclosed early-stage companies are raising Series A rounds in the $10-30 million range for solid-state battery technology, though specific details remain confidential. These represent the next wave of battery chemistry innovation beyond current lithium-ion limitations.

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What was the total venture capital investment in battery technology for 2024-2025?

Total venture capital and corporate investment in battery technology reached $3.7 billion in 2024, part of the broader $19.9 billion deployed across all energy storage companies.

The first half of 2025 shows continued momentum with over $150 million in disclosed funding across major rounds, suggesting annual 2025 totals could match or exceed 2024 levels. This excludes undisclosed rounds and strategic investments that don't require public filing.

Geographic distribution shows approximately 70% of funding flowing to US companies, 20% to European startups, and 10% to Asian markets including India and China. This concentration reflects both investor preference and regulatory environments favoring battery technology development.

Stage distribution heavily favors later rounds: Series B and beyond captured approximately 80% of total funding, indicating investor preference for companies with proven technology and clear manufacturing pathways rather than early research-stage investments.

Which battery companies should investors watch for 2026 opportunities?

Form Energy leads commercial readiness with iron-air battery deployments beginning in late 2025 and expanding through 2026, targeting utility-scale multi-day storage projects.

Sila Nanotechnologies enters full production at their Moses Lake facility in 2025, with automotive OEM supply agreements driving 2026 revenue scaling. Their silicon-anode materials enable 40% battery capacity improvements for EV applications.

Natron Energy breaks ground on their North Carolina gigafactory in 2025 for 2026 production ramp-up of sodium-ion batteries targeting data center and fast-charging applications. Their fire-safe chemistry addresses key lithium-ion safety concerns.

Ascend Elements begins commercial production at their Apex 1 recycled cathode material facility in early 2025, targeting 95% battery material recovery rates as EV battery recycling demand accelerates through 2026.

Theion scales from laboratory to pouch-cell production through 2026, with their crystal-sulfur technology targeting applications requiring ultra-high energy density like aerospace and long-range EVs.

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What do experts predict for battery technology funding in 2026?

Analysts anticipate continued mega-round activity concentrated around commercial manufacturing scale-up rather than early-stage technology development.

Next-generation chemistry funding will focus on solid-state, lithium-sulfur, and sodium-ion technologies as these approach commercial viability. Investors increasingly prefer companies with clear manufacturing pathways and OEM partnerships over pure research plays.

Corporate strategic investment will accelerate as automotive OEMs and energy companies secure supply chain positions through equity stakes rather than just supply agreements. This shift reflects growing battery technology strategic importance for competitive advantage.

Geographic expansion beyond US concentration is expected, with European battery manufacturing incentives and Asian market growth driving regional funding increases. However, US market access remains critical for achieving venture-scale returns.

Software and battery management system funding will grow as hardware performance reaches physical limits, creating opportunities for AI-driven optimization and predictive maintenance solutions that extend across all battery chemistries.

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Which specific technologies within battery development are getting the most funding attention?

Long-duration energy storage captures the largest funding share, with iron-air and nickel-hydrogen technologies attracting over $700 million combined in 2024-2025.

Silicon-anode materials for lithium-ion enhancement represent the second-largest category, with Sila Nanotechnologies' $375 million round demonstrating investor confidence in near-term commercial applications. This technology increases existing battery capacity by 40% without requiring new manufacturing infrastructure.

Sodium-ion chemistry attracts significant investment through Natron Energy's $244.4 million total funding, offering fire-safe alternatives to lithium-ion with abundant raw material supply. This addresses both safety and supply chain concerns in current battery technology.

Battery recycling and circular economy solutions gain traction with Ascend Elements' $162 million raise for recycled cathode materials, addressing the growing need for sustainable battery material supply as EV adoption accelerates.

Crystal-sulfur and other next-generation chemistries receive smaller but growing investment, with Theion's €15 million representing early-stage funding for technologies promising 10x energy density improvements over current lithium-ion batteries.

Conclusion

Sources

1. EU Startups - Spanish Clean Energy Startup Tether
2. ESG Today - Form Energy Raises $405 Million
3. Sila Nanotechnologies - $375M Series G Press Release
4. Ascend Elements - $162 Million Funding Announcement
5. Reuters - Theion Raises €15M Series A
6. TechCrunch - Breathe Battery $21M Series B
7. CheddarFlow - Natron Energy Analysis
8. YourStory - Battery Smart $21M Series B
9. TechCrunch - EnerVenue $308M Filing
10. ESS News - Energy Storage Funding 2024