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This EV battery material pioneer just raised $65M to scale US production

NanoGraf Technologies, which claims it has enabled the highest energy-density cylindrical 18650 Lithium-ion cell in the world, has raised $65 million in an oversubscribed Series B funding round. 18650 cells are used in the production of electric vehicles.

The funding round was co-led by Volta Energy Technologies and CC Industries with participation from GIC, Emerald Technology Ventures, Material Impact, Arosa Capital, Nabtesco Technology Ventures, and TechNexus.

NanoGraf, a spinout of Northwestern University and Argonne National Laboratory, had previously raised a total of $27 million in funding from a mix of venture, angel, and non-dilutive funding sources.

In November 2022, the Chicago-headquartered EV battery pioneer was awarded a $10 million contract from the US government to launch the country’s first large-volume silicon oxide factory. NanoGraf’s new 17,000-square-foot factory, which is under construction, is in Chicago’s West Loop neighborhood. 

And in October 2022, NanoGraf set a new industry benchmark for the most energy-dense lithium-ion 18650 battery – it has more than 20% higher energy density than the industry’s leading cells today.

In 2019, the US Council for Automotive Research, a consortium of Ford, General Motors, and Stellantis, provided NanoGraf with $7.5 million for a 36-month electric vehicle battery research and development project.

Read more: NanoGraf’s Li-ion 18650 battery achieves a new energy-density milestone

Photo: NanoGraf

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Avatar for Michelle Lewis Michelle Lewis

Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in White River Junction, Vermont. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at Check out her personal blog.