#USA #San Leandro #Lithium-ion #Coreshell #Ferroglobe

Coreshell Secures $24 Million to Scale Battery Production

Coreshell Technologies, an innovative battery technology company based in California, recently announced a remarkable funding achievement of $24 million. This financing aims to elevate the production capabilities of its 60 Ah battery cells, which utilize 100% domestically-sourced metallurgical silicon (also known as MG-Si). The funding round received significant backing from strategic partner Ferroglobe PLC, a prominent global player in silicon and ferroalloys, alongside contributions from various investment entities including Lane Ventures, Entrada Ventures, and several others.

Production Scaling Plans

This newly secured capital will primarily be channeled into fortifying Coreshell's production at its recently established 4 MWh manufacturing facility in San Leandro, California. Moreover, the company is in the process of planning an even larger 100 MWh facility, which is currently undergoing site selection and design deliberations. These steps position Coreshell to meet a rising demand, with intentions to start delivering commercial samples of its cutting-edge battery cells to global automotive manufacturers in 2025.

Jonathan Tan, CEO of Coreshell, emphasized the importance of this funding, stating, "This strategic funding round is a critical step in scaling production and delivering commercial samples to leading automakers who have already tested the low-cost metallurgical silicon anodes in our cells with promising results." Tan pointed out that as the electric vehicle (EV) sector undergoes pivotal changes, manufacturers are increasingly aware of the need for solutions that ensure supply chain security and cost-effectiveness—areas where Coreshell excels by replacing traditional graphite with domestically-sourced materials.

Addressing Market Needs

Coreshell's efforts are focused on satisfying the growing demand for its silicon-based battery products. The funding will also allow for a significant enhancement of the executive and R&D teams, aimed at perfecting the production methodologies for these innovative battery cells. Notably, the batteries are manufactured using standard equipment from TopMaterial, a South Korean company, enabling Coreshell to ramp up its manufacturing without the necessity for specialized infrastructure. This agility places Coreshell in an advantageous position for swift adoption within the industry.

Strategic Partnerships

A crucial component of Coreshell's operational success lies in its partnership with Ferroglobe, which supplies the micrometric silicon integral to their groundbreaking battery advancements. Benoist Ollivier, Chief Technology & Innovation Officer of Ferroglobe, expressed confidence in Coreshell's technology, emphasizing its potential to revolutionize the EV industry by reducing costs and addressing pressing supply chain challenges. This partnership underscores the imperative of developing a robust domestic supply chain capable of driving market success.

Innovative Breakthrough in Battery Chemistry

Coreshell stands out in the industry as the first to harness the capabilities of metallurgical silicon effectively. Their innovative design approach results in battery chemistries utilizing earth-abundant materials, yielding a 30% increase in driving range while decreasing costs by up to 25%. These advancements stem from their unique use of metallurgical silicon as anode material, which costs less than half of traditional graphite.

The forthcoming 2025 International Battery Seminar in March will unveil extensive test data on Coreshell's pioneering battery cells. Initial findings suggest that:

• - Energy Density: With 80% silicon anodes, their cells deliver 30-40% higher energy density than conventional graphite-based counterparts, enhancing the driving range and reducing battery size.
• - Cycle Performance: Prototype cells have demonstrated over 475 cycles, retaining more than 90% of their initial capacity, with expectations for serial production cells to exceed 1000 cycles at 80% capacity.
• - Rapid Charging: Capable of charging from 10% to 80% in under 15 minutes, they promise excellent fast-charging capabilities.
• - Safety: Unlike many silicon technologies, Coreshell's design achieves reliability and safety standards comparable to traditional battery systems while providing greater energy density.

About Coreshell

Coreshell is committed to producing the most cost-effective and high-performing silicon anodes globally. Their innovative approach unlocks the potential of metallurgical silicon, which significantly exceeds conventional battery anodes in capacity while maintaining lower costs. Headquartered in California, Coreshell collaborates with top producers of high-purity metallurgical silicon and automotive OEMs focused on transitioning to sustainable energy solutions.