International Battery Company raises $35 million funding, targets monthly production of 2,500 cells at Korean facility

Jan 24, 2024•almost 2 years ago

Amount Raised

$35 Million

MilpitasManufacturing

Investors

Veda VcBeenextRtp Global

Description

International Battery Company has successfully secured $35 million in a pre-Series A funding round, aiming to target monthly production of 2,500 cells at their facility in Korea.

Company Information

Company

International Battery Company

Location

691 S Milpitas Blvd

Milpitas, California, United States

About

International Battery Company (IBC) is building proprietary I-NMC Prismatic cells in India at the planned non-captive Gigafactory. IBC cells will reduce battery complexity due to the large form factor, have 40% higher energy density than LFP cells, and are recyclable. These cells will be especially suited for mobility applications (EVs). The supply chain will be localized and secured to enable energy independence. While the R&D is being done in the US, a pilot plant is being built in South Korea, and High-Volume-Manufacturing is planned to be done in India at the non-captive Gigafactory.

Related People

1 contact

Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

Tech investment trends