Lina Energy, a solid-state sodium-ion battery company, has secured a £3 million late seed funding round to accelerate the technology development and progressing commercialisation activities. The announcement comes over a year after raising £3.5 million in October last year.
James Morrish, CFO of LiNa Energy, says, “Receiving this investment enables us to build our team, develop our technology and finalise our scale-up plans ahead of a Series A round in mid-2023. We have a very exciting 18 months ahead. We are delighted to see our investors continue to support LiNa’s pioneering, cobalt and lithium free, low cost, safe, sustainable sodium battery technology, with a total investment of £3 million.”
How will the funding be used?
The fresh capital will accelerate the commercialisation by developing a next-generation electrolyte, automating manual processes to assemble more cells, and performing pre-FEED studies ahead of investing in the next scale of manufacturing facilities.
Further, the funds will help the company to deliver customer trial programmes, including feasibility studies and co-testing with the Eden Project and Garic, with whom we have MoUs in place to demonstrate our technology in our beachhead applications.
Next-gen battery technology
Founded in 2017 as a spin-out from Lancaster University, Lina Energy is commercialising a safe, cobalt and lithium-free solid-state sodium battery.
According to the company, it can potentially exceed lithium-ion and rest-of-market sodium-ion technologies on all performance measures and at the cost of less than $50/kWh.
As per the company’s claims, if scaled up, the LiNa Energy battery could save ~4.5bn tonnes of CO2 per annum by 2050, accelerating global efforts towards net zero.
In October 2021, the company received investment to double its Lancaster R&D space to around 5,000 sqft by fitting out a new lab for cell assembly, quadrupling cell testing capacity, and investing in lab-based manufacturing processes and equipment to increase cell manufacturing capacity.
The company plans to launch a Series A funding round in Q2 2023 to fund a pre-pilot line. The company has validated its technology independently at a kilowatt-hour system scale, including government lead projects with the Department for Business, Energy & Industrial Strategy, Innovate UK, and the Department for Transport.
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