ION Storage Systems, whose backers include Lockheed Martin and Toyota Ventures, has secured $10 million in debt from California’s Leonid Capital Partners.
The Beltsville, Md., startup developing solid-state batteries earlier this year received a $1.5 million grant from the Maryland Technology Development Corp. (TEDCO), through the Maryland Venture Fund, and a $20 million award from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E).
U. of Maryland Ties
ION Exchange, with links to the University of Maryland’s Mtech incubator program, was co-founded by the trio of Chief Technology Officer Greg Hitz, Chairman Eric Wachsman and board member Venkataraman Thangadurai. Ricky Hanna, who previously served as Apple’s executive director of battery operations, serves as CEO.
“Our partnership with Leonid Capital Partners strengthens our ability to execute our technical and commercial roadmaps and deliver ION’s technology to the market,” said Hitz, who earned his Ph.D. in Materials Science & Engineering and bachelor’s degree in Chemical Engineering from the University of Maryland.
Wachsman, who earlier led ION Storage, is director of the Maryland Energy Innovation Institute. He also holds the Crentz Centennial Chair in Energy Research in the Departments of Materials Science and Engineering, and Chemical Engineering at University of Maryland.
Thangadurai, a professor of chemistry at the University of Calgary, has over 25 years of experience in solid state materials science and technology.
Nonflammable Tech
In addition to his stint at Apple, Hanna has an extensive background in battery, EV and hybrid powertrain technology. He previously served as CEO of California-based EV manufacturer Electric Vehicles International.
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ION Storage’s solid-state battery has varied applications, including defense and aerospace, consumer electronics, electric vehicles and grid storage. Its technology can eliminate the need for rare materials, such as cobalt and nickel. It also uses a patented nonflammable ceramic structure resembling a sponge on top of a thin dense separator, eliminating a risk often seen in lithium-ion batteries.
ION Storage’s “innovative technology aligns with Leonid’s commitment to supporting solutions that advance sustainability, reliability, and operational excellence across critical sectors,” said Chris Lay, co-founder and CEO of Leonid Capital Partners.
In May, ION Storage commissioned a solid-state battery manufacturing facility, one of the largest of its kind in the country. The state-of-the-art battery production pilot line in Beltsville is expected to begin manufacturing 1MWh of battery cells this year, growing to 10MWh by early 2025. By 2028, it expects to produce batteries with 500MWh of capacity. The company has partnerships with Saint-Gobain, one of the world’s largest ceramics, glass and material suppliers, and technology company KLA to accelerate commercialization of its solid-state battery system.
