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LiNa Vitality has closed out a £3.5m late seed funding spherical, attracting a mixture of current and new buyers who recognise the huge potential of its game-changing battery know-how.
This funding will allow the corporate to advance its know-how by way of increasing its laboratory amenities, stepping up recruitment and shopping for new gear which is able to speed up the commercialisation plan and in the end when it’s market-ready.
LiNa Vitality, a spin-out from Lancaster College, established in 2017, is commercialising a secure, cobalt and lithium-free stable state sodium battery.
The modern design has the potential to enormously exceed each lithium-ion and rest-of-market sodium-ion applied sciences on all efficiency measures, and at a price of lower than $50/kWh.
It’s predicted that, if scaled-up, the LiNa Vitality battery may save round 4.5 billion tonnes of CO2 every year by 2050, accelerating international efforts in the direction of web zero.
The funding, alongside current grant success, provides LiNa Vitality a agency basis on which to concentrate on two core actions:
Accelerating the know-how growth by tripling the Lancaster-based laboratory, elevating the headcount from 20 to 30 by the tip of 2022 and shopping for extra gear to enhance velocity and high quality of cell manufacturing processes
And progressing commercialisation actions by securing buyer trial companions in major goal markets of stationary vitality storage and transport
Dr Gene Lewis, CEO of LiNa Vitality, stated: “This funding is a big step in the direction of reaching our aim to ship a secure, inexpensive, mass manufacturing resolution to speed up the 2 international mega-trends: Electrification of transport and decarbonisation of vitality.
“For a small, but disruptive, know-how firm like LiNa Vitality, this funding is essential.
“It gives us with a 24-month runway and allows us to push ahead our commercialisation plans previous to constructing a pre-commercial manufacturing line in 2023.”
The corporate expects to be fundraising in late 2022 to fund the development of a pre-commercial manufacturing line in 2023.
The pre-commercial manufacturing line will reveal the power to fabricate batteries at constant high quality and supply the capability to satisfy thedemands of buyer trial programmes.