LG Technology Ventures, has made an investment in UNIGRID Inc., a California-based startup that develops advanced sodium-ion batteries, placing a stake in the emerging sodium ion battery development space.
LG Technology Ventures' investment in UNIGRID reflects a thorough technical evaluation, serving as an endorsement of the startup's innovative sodium-ion battery technology. This support from one of the market leaders not only accelerates UNIGRID's growth but also signals to the market the robustness and potential of their solutions.
Sodium-ion batteries are produced using abundant sodium-based materials. UNIGRID's batteries do not contain lithium, nickel, cobalt, nor copper, offering a promising pathway to mitigating the supply chain risks of lithium-based batteries. Sodium-ion batteries are applicable for a versatile array of energy storage applications as they are less expensive, safer, and can operate over a wide temperature range.
Since its inception, UNIGRID has positioned itself as a sodium-ion innovator and a technology frontrunner, developing cells with energy densities that exceed lithium iron phosphate (LFP) batteries. Additionally, the sodium ion battery technology offers safety properties that are superior to conventional batteries.
UNIGRID is currently in the midst of ramping up production to meet immediate customer demands. This new financing will help the company accelerate its product commercialization and build upon existing industry partnerships to deploy its technology for new energy storage and e-mobility applications.
