Sonocharge Energy Raises $23.5M Financing Round
| Uncategorized
Cleantech San Diego member and Southern California Energy Innovation Network (SCEIN) company Sonocharge Energy – an innovative tech company enabling the world’s batteries to last longer, charge faster and be safer – has successfully raised a $23.5M financing round led by ClimateTech venture capital firm Cycle Capital, with participation of Honda, current investors Khosla Ventures, Temasek, and non-dilutive funding partners.
“Sonocharge Energy is the first investment out of our Fund V, a venture growth fund focused on electrification, power electronics and photonics. We’re thrilled to partner with Honda, Khosla Ventures and Temasek to support the company through its growth phase as it is accelerating the commercialization of its solutions in a wide range of applications,” said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital. “As we’re actively looking at deploying $350M in the ClimateTech sector in the next few years, Sonocharge Energy is an exemplary case of how technology can facilitate electrification by improving performance and scale its deployment.”
“Sonocharge Energy has an innovative technology that enables longer battery life and faster charging. This technology uses acoustic waves to significantly increase the charge cycle life of batteries, and Honda has high hopes for its potential. To Honda, this is a useful technology as longer battery life will help to reduce environmental impact and improve convenience for EV users. Honda will continue to discover, collaborate with, and invest in innovative ventures such as Sonocharge Energy through Honda Xcelerator Ventures1, our global program for open innovation,” said Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd.
“We are pleased to see Cycle Capital and Honda join our current investor syndicate.” said An Huang, CEO of Sonocharge Energy. “We’re grateful to be supported by such a strong group of investors that bring invaluable resources, experience, and commercial partnerships crucial to scaling our company. This funding will enable us to advance core R&D, and work closely with our customers to optimize for their specific use case and prepare for manufacturing.”
This marks an important milestone for the company and comes on the heels of customer-funded lab tests demonstrating significantly improved performance with lithium-ion batteries using Sonocharge Energy’s technology. This new funding will enable the company to grow its team in its new location in Silicon Valley and accelerate the commercial deployment of its solutions with key EV and battery manufacturers to extend the range and performance of batteries.
Share this….
