Ionic Materials Raises $65 Million to Speed Development of Its Revolutionary Polymer Electrolyte for Solid-State Batteries

Series C funding round includes key financial and strategic investors
and will advance next-generation battery technology

WOBURN, Mass.–(BUSINESS WIRE)–Ionic
Materials today announced it has secured $65 million in a Series C
financing round from a leading group of financial and strategic
investors. The strategic investors include companies from the battery
manufacturing, consumer electronic and electric vehicle ecosystem who
will be working with the company to speed the development of its solid
polymer electrolyte battery material. These funds will fuel Ionic
Materials’ accelerated growth, support its hiring plans and help the
company meet the significant market demand for its novel polymer
electrolyte.

“We are thrilled to have the ongoing support of venture capitalists,
strategic investors and prominent individuals to solve a major energy
problem: enabling safe, high-performance and cost-effective batteries
for use across consumer electronics, electric transportation and grid
storage,” said Mike Zimmerman, founder and CEO of Ionic Materials. “This
funding round will allow us to add to our talented technical staff while
continuing to engage and partner with companies interested in developing
tomorrow’s solid-state battery technology today.”

Current batteries are manufactured with an expensive and flammable
liquid electrolyte and use costly active materials. By replacing the
liquid system with Ionic Materials’ solid plastic polymer material,
solid-state batteries that are safe, cheaper and operational at room
temperature become possible for the first time. The special properties
of Ionic Materials’ polymer electrolyte allow the use of high-energy
materials and support lithium-ion cells with little to no cobalt in
their cathodes. Further advancements made possible by Ionic Materials’
polymer will support very inexpensive and low-cost rechargeable alkaline
batteries as well.

“The Ionic Materials polymer is truly groundbreaking. It’s no surprise
that so many of the leading companies in the battery industry and their
key customers are working to incorporate the Ionic Materials polymer in
their next-generation products,” said Bill Joy, who has been a personal
investor in all the rounds of financing and was a founding member of the
Ionic Materials Board of Directors. “The many innovations in
electrochemistry that the polymer unlocks will change the future of
renewable energy. Products from our partners using Ionic Materials’
technology will lead the charge to safely power everyday products with
eco-friendly, high-capacity batteries.”

Ionic Materials will provide its polymer to the battery industry as an
advanced materials supplier. Through this approach, it will reach the
broadest market segments and establish a complete ecosystem of cell
manufacturers serving the consumer electronic, electric vehicle and
energy storage markets.

“Ionic Materials has created a new composition of matter that will be
fundamental to the transformation of the battery as we know it. Over my
30-year career working in energy storage, Ionic Materials’ polymer
stands out as a breakthrough innovation that is a critical element to
the next generation of batteries,” said Jan van Dokkum, Partner at
Kleiner Perkins Caufield & Byers and Chairman of the Ionic Materials
Board of Directors. “Numerous energy storage start-ups have made
progress in the past, but the industry will be transformed by a novel
material like Ionic Materials’ polymer which can replace liquid
electrolytes with a solid alternative and help the industry get past the
safety, cost and performance challenges it faces.”

About Ionic Materials
Ionic
Materials is a materials technology company that enables next-generation
solid-state batteries. Its breakthrough polymer is the first solid
electrolyte to fully function at room temperature and be compatible with
lithium and alkaline-based batteries, and enable new and advanced
electrode chemistries to significantly improve battery safety,
performance and cost. Developed by a world-class team of polymer
scientists, Ionic Materials is headquartered in Woburn, MA. For more
information, please visit www.ionicmaterials.com.

Contacts

fama PR
Justin McCann, 617-986-5043
[email protected]