LiNa Energy closes out £3 million late seed funding round
James Morrish, CFO of LiNa Energy, said: “Receiving this investment enables us to build our team, develop our technology and finalise our scale-up plans ahead of a Series A round in mid 2023. We have a very exciting 18 months ahead. We are delighted to see our investors continue to support LiNa’s pioneering, cobalt and lithium free, low cost, safe, sustainable sodium battery technology, with a total investment of £3m.”
LiNa Energy has closed out a £3m late seed funding round, primarily from existing investors who continue to invest in the game-changing battery technology. This funding will accelerate our route to commercialisation through developing a next generation electrolyte, automating manual processes to assemble more cells and perform pre-FEED studies ahead of investing in the next scale of manufacturing facilities.
The funding gives LiNa Energy the opportunity to focus on several activities:
- accelerating the technology development with a focus on our next generation electrolyte which will improve both the power and energy density of our solid state sodium cells
- progressing manufacturing scale-up by refining and demonstrating the scalability of the most challenging elements of our manufacturing processes
- delivering customer trial programmes including feasibility studies and co-testing with the Eden Project and Garic, with whom we have MoUs in place to demonstrate our technology in our beachhead applications
- building a presence in India where we have signed an MoU with Social Alpha to optimise product development for the India market and support battery cell testing and future pilot projects
This year’s late seed funding round builds on the foundation of the funding raised in October 2021 which focused on two core activities – accelerating the technology development and progressing commercialisation activities. This funding enabled us in a year to not only double our R&D space to ~5,000 sqft by fitting out a new lab for cell assembly, quadruple cell testing capacity and invest in lab based manufacturing processes and equipment to increase cell manufacturing capacity, but also grow the LiNa team to 29 people.
We expect to be launching a Series A in Q2 2023 to fund a pre-pilot line. This is critical to our growth as the pre-pilot line will demonstrate the ability to manufacture batteries at consistent quality using automated processes and provide the capacity to meet the demands of customer trial programmes.