BOSTON, Oct. 12, 2021 /PRNewswire-PRWeb/ -- Nanoramic®, an industry-leading energy storage and advanced materials company, today announced that it has received a substantial investment from Fortistar, a privately-owned investment firm that provides capital to build, grow, and manage companies that address complex sustainability challenges. Nanoramic has raised over $75 million to date, a sum that will enable the company to further develop and commercialize Neocarbonix™, its innovative nanocarbon electrode technology.
Neocarbonix will transform energy storage for electric vehicles (EVs): substantially increasing energy density by 30% relative to current best-in-class batteries, while simultaneously reducing cost of production by 20%. Neocarbonix also enables lithium-ion (Li-ion) batteries to be charged in less than 15 minutes.
Neocarbonix eliminates the need for toxic solvents, such as NMP, during battery manufacturing and battery recycling. Its manufacturing process is simple and low-cost, utilizing existing equipment and serving as a drop-in replacement for existing battery designs. Li-ion cells containing Neocarbonix at their core comfortably surpass standard automotive battery cycling requirements, thereby extending their lifetime.
"Nanoramic's technologies play a critical role in delivering sustainable energy storage solutions," said Mark Comora, President of Fortistar. "We are privileged to invest in a company with such broad-reaching technologies that improve the performance and reduce the environmental impact of energy storage, whether it's in an electric vehicle, power tool, or a nation-wide power grid. Nanoramic will be a leader in delivering advanced energy storage solutions for a cleaner future."
As a part of the Fortistar investment, Nanoramic will add Chuck Bryceland to the company's board of directors. Bryceland is managing director at Fortistar and brings over 30 years of financial services experience.
Eric Kish, CEO of Nanoramic, said, "Our Neocarbonix electrode technology is set to transform the future characteristics of Li-ion energy storage, providing rapid scalability thanks to its compatibility with existing battery designs. Looking even further ahead, Neocarbonix will also provide similar advantages for the next generation of solid-state batteries."
Neocarbonix electrodes are produced using a low-cost process utilizing an advanced 3-D nanocarbon binding structure. Battery and supercapacitor manufacturers can use Neocarbonix to optimize their production processes, reduce cost, and deliver products that perform exceptionally well in an extremely broad range of environments.
Following years of research in energy storage nanotechnology, which was initially funded by NASA, the U.S. Department of Energy, and the Department of Defense, Nanoramic maintains several major licensing agreements that will help scale production of their technologies to a global level. Nanoramic is currently working with the world's leading manufacturers of batteries, automobiles, electronics, and other industries to develop and license user-specific versions of its battery and supercapacitor technologies. Once these customers adopt Nanoramic's technologies, the company is expected to rapidly become one of the world's largest providers of battery technologies.
About Nanoramic
Nanoramic® Laboratories is an industry-leading energy storage and advanced materials company that has developed an innovative electrode technology, Neocarbonix. Nanoramic is commercializing this technology to transform energy storage for electric vehicles: increasing energy density and longevity, while reducing costs. Founded in 2009 out of MIT, Nanoramic is the exclusive designer, manufacturer, and licenser of Neocarbonix™ electrodes, Fastcap® Ultracapacitors, and Thermexit™ thermal interface gap filler pads. See http://www.nanoramic.com and follow the company on LinkedIn: https://www.linkedin.com/company/nanoramic/
About Fortistar
Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing assets, first in independent power projects and now into other areas that support decarbonization. As a team, Fortistar has led financings raising over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit: http://www.fortistar.com and follow the company on LinkedIn.
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SOURCE Nanoramic
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