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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Amionx Secures Series B Funding to Accelerate Technology Transfer

October 5, 2021 GMT

CARLSBAD, Calif., Oct. 5, 2021 /PRNewswire/ -- Amionx today announced it has secured the initial tranche of its Series B financing round with participation from existing investor Qualcomm Ventures LLC, as well as Hongkou Management and Inherent Group as new investors. The primary purpose for the funds will be to add resources to accelerate the transfer of its patented SafeCore® technology to lithium-ion battery manufacturers.

“We are delighted to have the continued support of Qualcomm,” said Jenna King, CEO of Amionx. “We welcome our new investors Hongkou Management and Inherent Group, and we are deeply appreciative of their belief in our technology. We have worked diligently to demonstrate the effectiveness of SafeCore in multiple chemistries across numerous applications. This additional capital will be very helpful as we look to manage multiple transfers of our technology into scale battery manufacturers.”

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“Our investment in Amionx fits well with our investment thesis in supporting enabling technology for decarbonization,” said Nikhil Mirchandani, Portfolio Manager at Inherent Group. “We conducted significant diligence during the investment process and believe Amionx has a solution that is differentiated and more easily deployed than other safety solutions for the lithium-ion battery market. With the increased number of recent incidents in the EV market like the Chevrolet Bolt recall and the Tesla Megapack fire in Australia, there is clearly a need for a safety solution that can easily integrate into the battery manufacturing process without compromising performance – and we think SafeCore is the best candidate.”

“Amionx has a simple, yet elegant solution for helping reduce the number of fires and explosions in lithium-ion batteries,” said Peter Zhou, Founder & Managing Partner of Hongkou. “The Company has demonstrated the effectiveness of SafeCore for electric vehicles, consumer electronics, and other applications, and SafeCore is easily integrated into existing manufacturing processes. We are excited to see the technology commercialized across end-markets and play an important role in ensuring confidence in battery safety.”

SafeCore helps address the major events associate with thermal runaway in lithium-ion batteries which are overcharge and internal short as well as certain high temperature situations. The key benefits of SafeCore are:

  • Virtually no increase to the bill of materials for lithium-ion batteries
  • No incremental capital cost
  • Longer lifetime of battery
  • Longer shelf life of battery
  • Allows for design of smaller and lighter battery systems
  • Applicable to other chemistries such as nano-silicon and lithium metal as well as solid state

About Amionx

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Amionx is a leader in safe battery technology with headquarters in Carlsbad, CA. Our patented and proprietary SafeCore® technology helps prevent batteries from being the source of explosion or fire. This technology is transforming the current use of lithium-ion batteries and opening new market opportunities where lithium batteries have been excluded primarily due to safety concerns. More information can be found on the Amionx website at www.amionx.com.

Amionx Contact:
Bill Davidson
(888) 473-8500
info@amionx.com

About Qualcomm Ventures

Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has been making strategic investments in technology companies that have the potential to dramatically transform our world since 2000. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. For more information please visit: www.qualcommventures.com.

About Hongkou Management

Hongkou Management is a registered investment advisor based in New York. Hongkou focuses on the impact of technology and invests globally in public and private companies. Hongkou employs a selective approach to early-stage investments, focusing on emerging innovations that have the potential to disrupt large markets.

About Inherent Group

Inherent Group’s mission is to drive increased investment in sustainability-linked strategies by demonstrating superior risk-adjusted returns in its funds. We aim to show businesses that they can create revenue growth opportunities and lower their costs of capital by leading on material sustainability issues. Through our engagement, we encourage business owners and managers to incorporate sustainability into their decision-making.

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SOURCE Amionx