Battery sector is raising some significant capital in a down market
One of the companies cited is Nth Cycle, a participant in Cohort 2 of the "Innovation Crossroads" program at Oak Ridge National Laboratory.
Good news if you are a start-up in the battery sector.
For 2023, global funding is on track to exceed both 2022 and 2021 levels, per Crunchbase data, and a similar pattern is playing out in the U.S. as well, where battery funding so far this year is still only a bit below the peak hit in 2021.
Crunchbase News’ Joanna Glasner writes in this article titled “Battery VC Investment Gets Supercharged” that “given that global venture investment is down sharply this year, it’s unusual to see any sector even coming close to 2022 and 2021 numbers. To be on track to exceed them is quite exceptional.”
We also took note that Crunchbase data shows that Nth Cycle, a participant in Cohort 2 of the “Innovation Crossroads” program at Oak Ridge National Laboratory, has raised a whopping $100 million. Located in the Boston area, it is a metal processing technology company working with battery recyclers and miners to recover production-grade critical minerals.
“Given how much it will probably cost to develop the battery manufacturing capacity and supply chains to enable a broad transition to EVs (electric vehicles) and renewable power sources, the billions invested in battery tech startups this year might look like trifling sums,” Glasner concludes. “Compared to several years ago, however, it’s clear investment is on the rise. Now it’s up to the current crop of funded companies to prove to investors they’ve got what it takes to keep on scaling.”
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