A recent report from Bain & Company shows that the demand for batteries is expected to multiply quadruple by 2030. This demand is driven by the EV market, which alone could exceed 2,000 GWh in demand annually.
As the global push for electric vehicles (EVs) and renewable energy storage intensifies, the limitations of current lithium-ion batteries are becoming increasingly apparent. While revolutionary in their time, the existing battery technologies are now facing significant challenges.
Traditional lithium-ion batteries rely on liquid electrolytes to facilitate the flow of ions between the cathode and anode. However, these liquid electrolytes pose safety risks, such as leaks, which can lead to fires and explosions, particularly in high-stress environments like electric vehicles and portable electronics. Moreover, the energy density of lithium-ion batteries has plateaued, limiting the range of EVs and the capacity of energy storage systems.
Furthermore, these batteries have long charging times and environmental impacts from extracting raw materials like cobalt and nickel. These limitations underscore the need for new battery technologies to deliver higher performance, greater safety, and sustainability.
One promising solution to these challenges is solid state batteries. Unlike conventional batteries, solid-state batteries use solid electrolytes and are non-flammable.
These batteries can operate at higher voltages, offering the potential for significantly higher energy densities. Solid state batteries are also more durable and can have a longer lifecycle, ideal for applications such as electric vehicles, aerospace, and grid storage.
This article highlights five innovative growth-stage solid state battery startups that are using new technologies to address the limitations of traditional as well as revolutionary (solid state) batteries.
These startups have the potential to grow rapidly, are in a good market position, or can introduce game-changing energy storage tech to the market in the next 2-3 years. This makes them a great option to partner with, collaborate with, or acquire.
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1. BTRY Making Thin-film Solid Batteries Using Semiconductor Manufacturing Technology
| Founding Year | 2023 |
| Headquarters | Zurich, Switzerland |
| Total Funding Amount | CHF 1.1 Million |
| Last Funding Round/Amount | Grant/CHF 150K |
| Website | https://www.btry.ch |
Traditional thin-film batteries have relatively low energy density, which limits the amount of energy they can store in a given volume, making them less effective for high-power applications. Additionally, these batteries often suffer from poor scalability due to the complex and delicate processes required for their production.
Conventional thin-film batteries are typically less robust under extreme temperatures and struggle to maintain consistent performance across varying environmental conditions. Manufacturing these batteries in large quantities at a competitive cost is also difficult.
BTRY, a spin-off startup of EMPA and ETH, is overcoming these limitations by developing a novel solid-state thin-film battery with a unique stacking method.
This technology leverages advanced semiconductor manufacturing methods. The startup’s thin-film batteries charge in minutes while maintaining high energy density and stable performance even in extreme temperatures. These batteries are produced without using liquids and a high-precision vacuum coating process for overcoming safety risks like overheating or outgassing.
What sets BTRY’s technology apart from existing solutions is its ability to combine ultra-fast charging with durability and environmental sustainability. Its batteries promise a lifespan of up to ten times longer than conventional lithium-ion batteries with performance and safety.
BTRY’s thin-film solid state battery can be used in consumer electronics, sensors, robots, drones, and satellites for faster charging, longer lifespan, and enhanced safety.
Dr. Moritz Futscher (CEO) and Dr. Abdessalem Aribia (CTO) are the co-founders of this battery startup.
Moritz holds a PhD in Physics from the University of Amsterdam and has a strong project management and academic research background. He has worked with AMOLF for 4+ years on the fabrication, characterization, and modeling of next-generation solar cells.
BTRY received its latest funding, a CHF 150K grant from Venture Kick, on July 15, 2024. The startup plans to use this funding to produce first-generation products on a pilot line. It is backed by promising investors like High-Tech Gründerfonds (HTGF), Zürcher Kantonalbank (ZKB), the European Space Agency incubator—ESA BIC(Switzerland) — and the Runway incubator.
2. Adden Energy Has New Multilayer Sandwich Model for Thin-film Batteries
| Founding Year | 2021 |
| Headquarters | Greater Boston Area, New England |
| Total Funding Amount | $5.2 Million |
| Last Funding Round/Amount | Seed/$5.2 Million |
| Website | https://www.addenenergy.com |
Current lithium-ion batteries charge too slowly and perform poorly at low temperatures. These issues hinder the accessibility of EVs, especially for those without the ability to charge at home. Traditional solid-state batteries also have a design problem — the formation of dendrites on the anode’s surface. These dendrites, metal projections that penetrate the barrier between the anode and cathode, pose a severe risk of short circuits or fires.
Through meticulous research and development, Adden Energy, a Harvard SEAS spin-off, devised a multilayer battery design that sandwiches materials with different stabilities between the anode and cathode. This innovative architecture effectively controls and contains dendrite formation, mitigating the risk of short circuits and enhancing battery safety.
The startup has developed an all-solid-state battery (ASSB) technology that employs lithium metal anodes and high-nickel NMC cathodes, allowing for energy densities exceeding 500 Wh/kg. Its patented innovations, such as a multi-electrolyte separator and a porous 3D lithium metal anode, enable these batteries to achieve extreme-fast charging (EFC) in under 10 minutes, even at room temperature.
Adden Energy’s EV solid state battery technology, developed by scientists at Harvard University, demonstrated charge times as low as three minutes and capacity retention for over 10,000 cycles in lab-scale cells. It offers unprecedented performance and reliability. The battery surpasses conventional lithium batteries, ensuring longer driving ranges for electric vehicles.
Furthermore, Adden Energy’s battery maintains 80% of its capacity even after 6,000 cycles. This innovative approach allows for rapid charging, with the battery capable of recharging in about 10 minutes.
The core team of this solid-state battery startup consists of the research group led by Professor Xin LI at Harvard University SEAS. The technology development was led by doctoral students William Fitzhugh (CEO) and Luhan Ye (CTO). Fred Hu, founder of Primavera Capital (Lead investor), joined the team later as a co-founder and shared the idea of converting technology into a startup.
Adden Energy’s latest funding of $5.2 million was raised from a Seed round on February 25, 2022. Primavera Capital Group led the round, and Rhapsody Venture Partners and MassVentures participated.
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3. Theion Lowering the Battery Manufacturing Cost Using Waste Sulphur from Other Industries
| Founding Year | 2020 |
| Headquarters | Berlin, Germany |
| Total Funding Amount | Undisclosed |
| Last Funding Round/Amount | Corporate Funding |
| Website | https://www.theion.de/ |
Traditional lithium-ion batteries, which rely on expensive and resource-intensive materials like nickel and cobalt, are costly and less efficient in terms of energy density and environmental impact. Battery manufacturing needs to be more energy-dense, production costs lower, and more sustainable materials used.
To address these issues, Theion has developed a breakthrough technology known as the Crystal Battery, which uses lithium-sulfur as the cathode material. Sulfur, an abundant and inexpensive byproduct of industrial processes, is 99% cheaper to source than traditional cathode materials and requires 90% less energy to produce.
The startup is growing a pure Sulfur wafer using its Direct Crystal Imprinting (DCi) technology (no slurry coating, solvents, water, and drying).
Theion’s patented process further enhances battery performance by combining sulfur’s properties with carbon nanotubes and a proprietary solid electrolyte. This results in batteries with up to three times the energy density of conventional lithium-ion cells.
The startup uses lithium metal foil as an anode in the Gen 1 and Gen 2 Crystal cells. Its Technology Roadmap includes other anode designs (Gen 1 to Gen 4). The company’s cell technology is adaptable to bipolar cell arrangements to enhance energy and power content in such cells.
Theion is exploring The Coretec Group’s Cyclohexasilane (CHS) technology as a crucial material in its battery technology. Using that material, the startup wants to produce Quasi Solid-State Batteries (QSSB).
Ulrich Ehmes is the CEO of Theion. He has also been managing director at SETA Consulting GmbH, a Lithium-Ion Cell Technology consulting firm, for the last 8+ years. Ulrich has vast experience in executive and management positions such as CEO, COO, MD, VP, Member of the Board of Directors, Interim Management and Business Consultant, and Chairman of the Advisory Board.
He was part of Leica Camera AG, Leclanché SA – Lithium Ion Cell Manufacturer, TerraE Holding GmbH, and Battrion AG.
Enpal, a photovoltaic and solar panel solutions and renting firm, is the startup’s lead investor for its latest corporate funding round, which took place on September 11, 2023.
Related Read: Startups Using Gravity To Store Energy!
4. LionVolt’s 3D Solid State Batteries Are Three Times More Denser Than Lithium-ion
| Founding Year | 2020 |
| Headquarters | Eindhoven, The Netherlands |
| Total Funding Amount | €20.3 Million |
| Last Funding Round/Amount | Undisclosed/€15 Million |
| Website | https://lionvolt.com |
Conventional lithium-ion batteries, which are widely used in electric vehicles and other applications, face issues such as safety risks due to flammable liquid electrolytes. These batteries also have limited energy density and significant carbon footprints associated with their production processes.
To overcome these issues, LionVolt, a spinout from TNO’s Holst Centre in Eindhoven, has developed an innovative 3D solid state battery technology. This technology leverages a unique 3D structure where billions of micropillars, each coated with battery materials, create a large surface area within the battery. This design significantly shortens the distance ions need to travel, enabling ultra-fast charging times and more efficient energy storage.
LionVolt’s batteries have an energy density up to three times greater than current lithium-ion batteries (exceeding 450 Wh/kg) and can be charged in just minutes. The ultra-thin film layering technology facilitates high-speed charging, with rates exceeding > 4C/15 minutes, meeting the demand for rapid energy transfer in modern applications.
Furthermore, solid electrolytes and intricate 3D structures also ensure reliable operation even at elevated temperatures, eliminating ignition and explosion risks.
The startup claims that its batteries are 50% lighter and provide 200% better performance than other advanced lithium-ion batteries. Moreover, the technology prioritizes sustainability by employing heavy-metal-free materials and circular processes, aligning with eco-friendly practices.
LionVolt has acquired AMTE Power, rescuing the Scottish battery cell manufacturer from bankruptcy. AMTE Power was known for its expertise in producing lithium-ion and sodium-ion cells, primarily used in high-performance electric vehicle batteries and long-duration energy storage solutions.
With this acquisition, LionVolt now controls its battery-cell manufacturing operations in Thurso, Scotland, and plans to repurpose the facility to produce its advanced solid-state battery technology.
It is also going to set up its first pilot production plant at the Brainport Industries Campus (BIC) in Eindhoven.
Karl McGoldrick is the co-founder and CEO of this solid-state battery startup. He is a seasoned deep-tech entrepreneur with a career spanning multiple high-impact roles and startups. He began at Intel, where he was the first employee of the company’s Ireland operation and worked closely with Andy Grove.
After Intel, McGoldrick joined Philips to help launch Philips Semiconductors, now NXP. He co-founded and led (CEO) four deep tech startups, including ventures that pioneered smartphone cameras and flexible displays (IP is now in Samsung Fold phones—all in HTC 27).
LionVolt raised its latest funding of €15 Million on Feb 12, 2024, which it planned to use to scale up its production capacity.
Related Read: Sodium-ion Batteries for EV & Stationary Energy Storage Systems!
5. InxTech Replacing Graphite And Liquids with Lithium Metal And Solid Electrolytes
| Founding Year | 2020 |
| Headquarters | Guangdong, China |
| Total Funding Amount | $14.6 Million |
| Last Funding Round/Amount | Pre-A+/$14.6 Million |
| Website | https://inxtech.com.cn/en/ |
Battery technologies have crucial applications in electric vehicles (EVs) and autonomous aerial vehicles (AAVs). However, traditional lithium-ion batteries have restrictions, such as limited energy density, thermal instability, and safety risks, especially under high-stress conditions, which confine their use. Slow charging times and short lifespans further complicate their widespread adoption.
To solve these issues, InxTech has developed solid-state lithium metal batteries. These batteries replace graphite with lithium metal for the negative electrode and utilize a solid-state electrolyte instead of a liquid one.
The first-generation product has an energy density of 450Wh/kg and capacities ranging from 6Ah to 50Ah. It has garnered high customer praise and is widely recognized for its exceptional performance and reliability, with third-party certification reports validating its quality and safety standards.
InxTech has demonstrated its manufacturing process by establishing a production line with a capacity of 200MWh, ensuring scalability and mass production of these innovative batteries. The company has core patents in materials, processing, manufacturing, and battery designs.
This startup closed its latest early-stage VC (PreA+) funding round with an investment of 100 million yuan ($14.6 Million). GL Ventures led the round, which included Connected Intelligence Fund, Qilu Qianhai Fund (Qianhai FOF), EHang, and its existing investor, Fenghe Capital. The funding will primarily be used for research and development, market expansion, and production line battery deliveries.
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Authored By: Naveen Kumar, Market Research
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