SAN LEANDRO, Calif., March 1, 2022 /PRNewswire-PRWeb/ -- Coreshell, developer of a technology proven to solve the battery performance issues that have bottlenecked the auto industry since the introduction of electric vehicles, today announced $12M in Series A funding. Led by sustainable energy VCs including Trousdale Ventures, Industry Ventures, and Helios Capital Ventures. the new financing will be used to accelerate commercialization of the world's first battery coating technology proven to drastically increase the capacity and range of lithium ion batteries to meet the growing demand for electric vehicles around the world. Returning investors include Entrada Ventures, Foothill Ventures, and Asymmetry Ventures bringing total funding to date to $19M.
"Auto manufacturers around the globe are chasing after improved energy density to reduce battery size and manufacturing costs, but this is often at the expense of safety," said Jonathan Tan, CEO of Coreshell. "The reality is that the industry doesn't need to build a better battery from scratch. At Coreshell, we've discovered a way to unlock the true capacity of today's batteries through a coating that can easily be applied in our partners' existing manufacturing process. We believe this is the first major step in democratizing energy to help make sustainable transportation a reality for more people."
Recognized as the legendary and original beach buggy, Meyers Manx has partnered with Coreshell to develop an electrified prototype buggy that will demonstrate the unprecedented capacity of the battery.
"Having represented one of the greatest eras of California's automotive history, we are well poised to maintain our surf culture image, while also building a brand that looks to the future," said Phillip Sarofim, Chairman of Meyers Manx & Managing Partner of Trousdale Ventures. "Partnering with Coreshell to create something sustainable and environmentally-friendly fits into our mission to continue bringing adventure and fun to the world, but with even more performance capabilities to match the expectations of modern-day consumers. Expanding our designs to include an electric platform allows us to show the rest of the automotive industry what can be achieved with zero disruption to the manufacturing process."
Guiding The Future of Coreshell-Powered Electric Vehicles
As Coreshell's breakthrough battery technology gets closer to commercialization, the company has some of the brightest minds and partners to help pave the way.
One of the world's most recognizable brands in electric vehicles - Tesla - was co-founded by engineer and technology entrepreneur Marc Tarpenning, who recently joined Corshell as a key advisor. Others to join Coreshell's team of advisors include Dr. Chunmei Ban, a Professor at the University of Colorado - known for her years of experience working at National Renewable Energy Laboratory [NREL] and leading Department of Energy-awarded projects. Advisor Judith O'Brien, who has helped over 50 companies IPO including Juniper and Sun Microsystems, has also joined the renowned team of advisors.
Other milestones paving the path to commercialization include a partnership with the leading expert in roll-to-roll web processing equipment - New Era Converting Machinery - where a prototype demonstration with Coreshell showed the scalability of its battery coating technology, further validating seamless integration into the automobile manufacturing process.
Unlocking Battery Potential - One Thin Layer At A Time
The end goal for auto manufacturers is to deliver dependable, long-range electric vehicles that are affordable, but one of the biggest barriers to performance and cost improvements is electrode surface instability. By solving the key degradation issue, Coreshell's low-cost thin nanolayer coating uniquely increases usable battery capacity, improves safety, and significantly reduces cost/kwh. Once seamlessly applied into existing manufacturing processes, the coating immediately unlocks up to 50 percent more travel capacity for electric vehicles, and 200 percent more heat tolerance than previously accessible for both existing and next-gen battery technologies.
The State of Electric Vehicles
The world can't wait for higher capacity, lower-cost batteries. More than two-thirds of the world's lithium-ion batteries are used in vehicles - a number growing exponentially considering that half of global passenger vehicle sales in 2035 will be electric, according to the BloombergNEF (BNEF). Even with COVID-19 restrictions and component shortages, global EV sales surged in 2021 - by 80 percent - due to a growing urgency from automakers commiting to zero emissions in an effort to meet consumer demand for more sustainable and cost-effective options.
In reaction to the growing demand for electric vehicle batteries, an executive order was put in place by the Secretary of Energy to identify risks in the supply chain and policy recommendations to address these risks; solutions that new battery technologies like Coreshell could address due to scalability and new safety measures.
About Coreshell Technologies
Coreshell is a technology company on a mission to unlock the true capacity and economics of batteries so clean energy can be deployed in time. With its flagship product, Coreshell aims to democratize energy by making sustainable transportation a reality for more people with the world's first battery coating technology proven to unlock the true capacity of lithium ion batteries found in today's electric vehicles. Easily applied onto the surface of the electrodes in lithium-ion batteries during the manufacturing process, the technology has proven to extend capacity of these batteries by 30 or more percent - while reducing costs for automakers. Headquartered in California, Coreshell partners include multinational battery manufacturers and auto OEMs committed to zero emissions and paving the future of transportation.
Akeena Legall, Good Nature Ventures, 1 7789805575, [email protected]