Beltsville’s Ion Storage Systems just raised $30 million in funding for its solid state battery operation, part of a growing U.S. industry to produce batteries for new technologies.
The Prince George’s company announced the initial close of its Series A round of funding on Wednesday; it expects the round to close completely by the end of the first quarter. Clear Creek Investments of Solana Beach, California, VoLo Earth Ventures of Snowmass Village, Colorado and San Francisco’s Alsop Louie Partners led the round. Todd Crescenzo, founder and managing partner at Clear Creek Investments and Joseph Goodman, co-founder and managing partner at VoLo Earth Ventures will join Ion’s board of directors.
While it’s an early-stage company, Ion Storage Systems has raised its fair share thus far — at least $50 million to date to finance the development and now production of its solid state lithium metal batteries, which it says are safer and lighter than their competitors’ products. Ion pulled…
Read the full story from the Washington Business Journal.
