Ionblox Raises $24 Million Series B Investment to Support the Commercialization of Unique High Energy Plus High Power Battery Cells

Ionblox Secures $24 Million Series B Investment Round

FREMONT, Calif., Oct. 26, 2022 - Ionblox (previously known as Zenlabs Energy), a high-performance lithium-ion cell company, announced that it has closed a $24 million Series B investment round with Lilium, developer of the first all-electric vertical take-off and landing ('eVTOL') jet; Applied Ventures, LLC; Catalus Capital, a multi-strategy private equity firm; and a global investment company.

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'Ionblox has launched the only commercially scalable battery with a silicon dominant anode that can simultaneously provide high energy, high power, 1,000 fast charge cycles, and a clear path to low-cost production today,' said Sujeet Kumar, chief executive officer of Ionblox. 'Our unique batteries can be scaled up with low risk and at a competitive cost, because we use commercially available materials and proven production processes and equipment, rather than costly and hard-to-scale proprietary materials.'

Ionblox addressed all the well-known challenges of using silicon as an active material, including swelling and irreversible capacity loss, and created a groundbreaking cell design that can uniquely deliver the key performance attributes that automotive and aviation applications require, namely high energy, high power, fast charging, high cycle life, and low cost. The company's batteries are ideally suited for high performance automotive and aviation applications, where the combination of these features can drive the electrification of transportation.

'The long-term success of the eVTOL regional air mobility revolution depends on the continued development of high-performance batteries. After an extensive review we believe that Ionblox's pouch cell technology will be very well positioned to achieve superior combined performance for high power and high energy density, and we are very excited to continue our joint development,' said Yves Yemsi, chief operating officer of Lilium.

The company will use the investment to continue scaling operations and increasing manufacturing capabilities as it ramps up production in the United States. Additionally, Ionblox will invest in the hiring and further expansion of the team, including manufacturing talent.

'Applied Ventures is very impressed with the tremendous progress Sujeet and the Ionblox team have made developing silicon anode batteries in collaboration with Applied Materials, Lilium and EV companies,' said Anand Kamannavar, global head of Applied Ventures. 'We look forward to supporting Ionblox in accelerating commercialization of its next-generation batteries.'

Earlier this year, Ionblox received its third development contract from the United States Advanced Battery Consortium LLC (USABC) providing $3.5 million in cost share for the development of low-cost, fast-charge electric vehicle batteries.

About Ionblox

Founded in Fremont, California in 2017, Ionblox (previously known as Zenlabs) is a next-generation energy company transforming the future of mobility by land and air. The company has more than 40 patents, including for the pre-lithiation of all types of silicon-based anodes. Ionblox's proprietary pre-lithiated silicon oxide anode and cell design enable multiple performance attributes – fast charging, high energy, high power, and long life at low cost – pushing the limits of traditional battery storage technology and unlocking the viability of widespread electric transportation. Ionblox is leading the electric mobility revolution by delivering superior technology and enabling electric vehicle (EV) and electric vertical take-off and landing vehicle (eVTOL) companies to achieve their goals.

Learn more about Ionblox and how it is transforming the future of electric transportation at https://www.ionblox.com and LinkedIn (@Ionblox).