The battery industry is rapidly evolving, driven by the accelerating transition to electric vehicles and the need for better energy storage solutions. Significant investments are flowing into promising battery startups working on next-generation technologies.
According to BloombergNEF, over $6 billion was invested globally in battery tech startups in 2021 alone. Several startups are making advancements in solid-state batteries, lithium-metal batteries, and other innovations that can improve driving range, charging speed, safety, cost, and sustainability.
This article highlights eight battery technology startups that are worth watching closely in 2023 and beyond. Each company is developing a unique technology and business model aimed at disrupting the battery landscape.
QuantumScape
Based in San Jose, California, QuantumScape is one of the most promising startups developing solid-state lithium metal batteries for electric vehicles. The company was founded in 2010 and is backed by Volkswagen Group.
QuantumScape aims to increase the range of EVs to over 450 miles on a single charge while also enabling faster charging capabilities. The company claims its solid-state batteries will be safer and last longer than conventional lithium-ion batteries.
QuantumScape's batteries use a solid ceramic electrolyte instead of a liquid or gel-based electrolyte solution. This removes the risk of fire and enables the use of a lithium metal anode that increases energy density.
In 2020, QuantumScape went public through a reverse merger deal exceeding $3 billion valuation. The company has strategic partnerships with Volkswagen Group and Continenal, but has yet to commercialize its batteries.
QuantumScape aims to begin piloting its batteries in 2025 and reach mass production between 2026-2027. If the company can deliver on its promises, it has the potential to be a major force in the EV battery market in the coming years.
SES
Founded in 2012, SolidEnergy Systems (SES) is a Boston-area company developing lithium metal batteries for electric vehicles and other applications.
SES uses a unique structured lithium metal anode and proprietary electrolyte to enable higher energy density batteries. The company claims its batteries can achieve 50-100% higher energy density compared to conventional lithium-ion batteries.
In 2018, SES launched a pilot production line and has since shipped over 50,000 cells to partners for testing. The company is initially targeting aviation, aerospace, and defense applications before expanding to electric vehicles.
SES has received investments from Renault-Nissan-Mitsubishi (Alliance Ventures), SAIC Motor, and Hyundai, strategically partnering with major automotive brands. Total funding stands at over $150 million.
In 2021, SES revealed plans to build a Gigafactory in Shanghai, China to produce its batteries by 2025. The factory aims for 10GWh annual production capacity.
If SES can successfully commercialize and scale up its lithium metal batteries, its technology could enable longer driving ranges and lower costs than lithium-ion batteries. The company is one to watch in the battery space.
Enovix
Fremont, California-based Enovix is focused on commercializing 3D silicon lithium-ion batteries. The company's proprietary battery architecture uses a 100% active silicon anode to increase energy density.
Founded in 2007, Enovix claims its batteries provide up to 110% higher energy density than conventional lithium-ion batteries. The silicon anode technology also enables faster charging capabilities.
Enovix went public in 2021 through a SPAC deal valuing the company at $1.1 billion. Strategic partners include Cymbet, Atmosic, and Renesas. The company has raised over $375 million to date.
In 2022, Enovix began commercial production of its batteries out of its California fab. The company has an initial goal to reach production capacity of 800MWh by 2025.
Enovix is initially targeting the mobile computing and wearable markets. It sees opportunities in larger applications like EVs in the future. If successful, the company's batteries could enable longer runtimes for laptops, phones, smartwatches, and more.
Enovix's public listing and production ramp up makes it one of the promising battery startups to monitor moving forward.
Factorial Energy
Factorial Energy is a solid-state battery company based in Woburn, Massachusetts. The company was founded in 2018 and is backed by Mercedes-Benz, Hyundai Motor Company, and other investors.
Factorial has developed a proprietary solid electrolyte material that enables the use of a lithium metal anode. The company claims its solid-state batteries provide up to 50% more range per charge compared to conventional lithium-ion batteries.
In 2021, Factorial built a pilot production line at its Massachusetts headquarters. The company is initially targeting the automotive market but sees applications for its batteries across industries.
Factorial's batteries operate at room temperature, eliminating the need for costly heating systems required by some other solid-state batteries. This gives the company a potential cost advantage.
Strategic partnerships with Mercedes, Hyundai, and Stellantis position Factorial to supply batteries for future electric vehicles. The company aims to scale up manufacturing and make its batteries commercially available around 2026.
Factorial’s promising solid-state battery technology makes it one of the startups to keep an eye on as the electric vehicle market accelerates.
Form Energy
Form Energy is developing low-cost, long-duration energy storage batteries. Founded in 2017 and based in Somerville, MA, the company focuses on grid-scale storage solutions.
Form's battery technology uses inexpensive sulfur, air, and water for the active materials. This provides potential cost advantages over lithium-ion batteries.
Form claims its batteries can store electricity for 100 hours at system costs competitive with conventional power plants. The long discharge duration enables reliability and grid resiliency.
The company has raised over $200 million from investors including Breakthrough Energy Ventures, MIT's The Engine, and Eni Next. Form has a pilot manufacturing facility and aims to deliver its first commercial units in 2025.
In 2021, Form announced a partnership with Minnesota utility Great River Energy to deploy a 1MW/150MWh battery system to help accelerate renewable energy growth.
Form's leadership team includes battery experts from MIT and A123 Systems. If the company can fulfill the promise of low-cost, long-duration grid storage, it could play a major role in grid decarbonization.
StoreDot
StoreDot is an Israeli battery company developing ultra-fast charging batteries for electric vehicles and other devices. The company was founded in 2012 and is headquartered in Tel Aviv.
StoreDot’s core technology uses engineered peptides and nanomaterials to achieve rapid charging capabilities. The company claims its batteries can charge to 100% in just 5 minutes.
In 2019, StoreDot demonstrated a battery charged fully in 5 minutes. It aims to begin mass producing these extreme fast charging batteries by 2024.
StoreDot has strategic partnerships with BP, VinFast, EVE Energy, and other major brands to commercialize its batteries. The company has raised over $190 million in funding to date.
StoreDot is initially targeting batteries for smartphones, drones, and scooters. It plans to eventually expand into the automotive market with a solution enabling 300 miles of range in just 5 minutes of charging.
If StoreDot can fulfill its ambitious vision, it has the potential to remove one of the key barriers to mass EV adoption - long charging times. The company's technology makes it highly notable in the battery space.
ProLogium Technology
ProLogium Technology is a Taiwan-based company developing solid-state lithium ceramic batteries. The company was founded in 2006 and is emerging as an important player in next-generation battery technology.
ProLogium’s proprietary solid-state battery uses a ceramic electrolyte material that offers improved safety and extended cycle life compared to conventional lithium-ion batteries. The company claims its batteries can achieve over 1,000 charge cycles.
In 2018, ProLogium became the first company to showcase a solid-state battery pack for electric vehicles. Its technology has attracted investments from leading Asian conglomerates like Foxconn, China Strategic, and SinBatt.
ProLogium is currently building the world’s first solid-state battery gigafactory in Taiwan. The facility aims to reach annual production capacity of 42 GWh by 2031.
The company has partnerships in place with Mercedes-Benz, Hyundai Motor Company, and several Chinese EV makers to supply its batteries once ready.
As a leading solid-state battery maker in Asia, ProLogium’s progress in commercialization and manufacturing scale-up makes it a noteworthy firm in the battery landscape.
Solid Power
Based in Colorado, Solid Power is a promising solid-state battery manufacturer focused on producing lithium-metal batteries for electric vehicles. The company was founded in 2012.
Solid Power utilizes a sulfide-based solid electrolyte material that offers higher energy density and safety compared to traditional lithium-ion batteries using liquid electrolytes.
The company is currently operating a roll-to-roll solid-state battery pilot production line and producing multi-layer all-solid-state batteries on the line.
In 2021, Solid Power SPAC-merged with Decarbonization Plus Acquisition Corporation III, providing an influx of capital while allowing the company to enter the public markets.
Solid Power has partnerships with BMW Group, Ford Motor Company, and SK Innovation to jointly develop all-solid-state batteries for integration into future EVs. Sample batteries are being delivered to partners for testing.
The company aims to scale up roll-to-roll production to 100MWh per year by 2026. Solid Power’s progress in commercialization could make it a key player in next-gen EV batteries.
This covers eight promising battery technology startups to watch this year and beyond. Please let me know if you would like me to draft a conclusion/summary section to wrap up the article or if you have any other feedback! I'm happy to revise the existing chapters as needed.
Conclusion
The companies profiled in this article represent some of the most innovative and promising battery startups that are worth keeping an eye on in 2023 and the coming years.
QuantumScape, SES, Enovix, Factorial Energy, Form Energy, StoreDot, ProLogium, and Solid Power are all working on next-generation battery technologies including solid-state lithium metal batteries, 3D silicon anodes, and ultra-fast charging capabilities.
Many of these startups now have working prototype cells and are making strong progress towards pilot production and commercialization between 2024-2027. Their batteries could provide step-change improvements in energy density, charging speed, costs, safety, and lifecycle compared to conventional lithium-ion batteries.
These battery startups are attracting significant funding from major automakers, investors, and corporate partners. The companies aim to disrupt the battery landscape and power the future of electric mobility.
With trillions projected to be invested in the global transition to EVs and clean energy over the next decade, these promising battery startups have robust tailwinds supporting their growth. The innovations emerging from these companies could transform our energy storage capabilities and enable a more sustainable future.
This concludes our overview of battery technology startups to monitor in 2023. As the field continues to evolve rapidly, exciting new innovations and entrants are likely to emerge. The coming years will prove pivotal in the battery industry's development.
