Daimler Leads $170M Financing in Sila Nanotechnologies

Jeff Immelt Joins Board in Drive Toward Industrialization of
Next-Generation Battery Materials

ALAMEDA, Calif.–(BUSINESS WIRE)–Sila Nanotechnologies (“Sila Nano”), a next-generation battery materials
company, announced today that it has secured $170 million in Series E
funding led by Daimler AG to bring the first Sila Nano-powered batteries
into the market, accelerating the path toward powerful, low-cost
electric vehicles. This latest round brings the company’s total funding
to $295 million. Jeff Immelt, former CEO of General Electric, will also
be joining Sila Nano’s Board as an independent director, bringing deep
global expertise in materials and manufacturing.

In addition to Daimler, new investor 8VC participated alongside
returning investors Bessemer Venture Partners, Chengwei Capital, Matrix
Partners, Siemens Next47, and Sutter Hill Ventures. With its investment,
Daimler’s Alex Nediger, Director of Cooperation and Innovation
Management, will also join the Sila Nano board.

Founded in 2011, Sila Nano is a leader in battery storage innovation,
pioneering novel manufacturing methods to create a silicon-based anode
to replace graphite in a lithium-ion battery. Improvements to
traditional li-ion battery chemistry have stalled to a mere 1-2 percent
increase every few years, holding back the potential of everything from
consumer electronics to electric vehicles. Sila Nano’s breakthrough
chemistry demonstrates a dramatic 20 percent improvement today, with the
potential to reach 40 percent improvement over state of the art
traditional li-ion.

We’ve cracked the code on silicon thanks to eight years and 35,000
iterations developing our materials to improve battery storage
capacity,” said Gene Berdichevsky, co-founder and CEO, Sila Nano. “Now
we’re ready to bring this to market, and partners like Daimler and Jeff
Immelt bring critical expertise and support as we enter this next phase
and begin putting Sila inside the vehicles and devices people use every
day.”

Sila Nano appoints Jeff Immelt to its board as the company looks to grow
into a global organization and serve energy storage needs across
industries. Immelt brings deep global industrial experience from his
tenure as CEO of GE, including a worldwide network of organizations that
could benefit from Sila Nano’s innovations.

Advancements in lithium-ion batteries have become increasingly limited,
and we are fighting for incremental improvements,” said Jeff Immelt.
I’ve seen first-hand that this is a huge opportunity that is also
incredibly hard to solve. The team at Sila Nano has not only created a
breakthrough chemistry, but solved it in a way that is commercially
viable at scale.”

Sila Nano set out with the global electronics and automotive markets in
mind and designed its materials to be scalable and practical for growing
global demand. Their materials are developed using widely available
commodities, ensuring a consistent supply. The final product easily
drops into existing li-ion factories, clearing the path to broad
adoption.

With the latest round of financing secured, Sila Nano has begun ramping
up production volume and plans to supply its first commercial customers
in consumer electronics within the next year. Sila Nano will continue to
scale up production in the next few years with plans to go to market
with automaker partners BMW and Daimler.

About Sila Nanotechnologies

Sila Nano develops materials that set a new standard for batteries.
Through new battery materials chemistry, Sila Nano enables lighter,
safer, higher energy density batteries for mass adoption of electric
vehicles, smarter, longer-lasting portable electronics, and broader use
of renewable power sources. Founded in 2011 by Silicon Valley battery
engineers and a Georgia Tech Professor of Materials Science, Sila Nano
is headquartered in Alameda, California. Company investors include 8VC,
Amperex Technology Limited, Bessemer Venture Partners, Chengwei Capital,
Daimler, In-Q-Tel, Matrix Partners, Siemens’ Next47, Samsung, and Sutter
Hill Ventures. For more information, visit www.silanano.com.

Contacts

Emmalee Kremer for Sila Nano
[email protected]

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