LONDON — US energy tech firm Wildcat Discovery Technologies said on Wednesday that it has raised $90 million from investors to develop a high energy density battery cell for electric vehicles.
The Series D funding round was led by Koch Strategic Platforms, the investment arm of industrial conglomerate Koch Industries, and included investments from Eastman Kodak and venture capital firm Fifth Wall Climate.
Wildcat said it is working on a transformational “super cell” EV battery cell combining three proprietary technologies in development – a cobalt and nickel free high-energy cathode, a composite solid-state electrolyte and a lithium metal anode.
The company said the battery cell could deliver a 90% improvement in energy density over the best batteries available currently, while reducing the dependence of EV supply chains on both nickel and cobalt.
Improving energy density extends power, and more importantly range for EVs.
Although EV sales have jumped in Europe and United States over the last two years, consumer anxiety over the distance they can drive between charges has been as a barrier to even faster adoption.
Automakers and battery makers have invested heavily in new technologies to increase energy density to boost range.
(Reporting by Nick Carey. Editing by Jane Merriman)