Superior materials specialist 6K has raised $82 million in a brand new Sequence E funding spherical. This insider-led funding was headed by Anzu Companions, Power Affect Companions, LaunchCapital, Materials Affect, and Volta Power Applied sciences.
The brand new capital shall be used to scale up manufacturing for battery cathode lively supplies (CAM) and to develop the processing of 3D printable metallic powders. It represents the primary shut of the Sequence E funding spherical, with the second shut anticipated within the late fall.
6K has additionally introduced that Dr Aaron Bent has left his place as firm CEO. Bent handed the reins to 6K COO Dr Saurabh Ullal, who instantly assumed the function.
Moreover, LaunchCapital’s Chief Funding Officer Invoice McCullen has been appointed Chairman of the Board. Volta’s CEO Dr Jeff Chamberlain and Beda Bolzenius, a veteran of the automotive business, have additionally joined as new 6K board members.
“Due to Aaron, 6K is nicely positioned immediately as a frontrunner for sustainable, crucial materials manufacturing for lithium-ion batteries and additive manufacturing,” commented McCullen. “Saurabh’s experience in expertise and operations ensures the corporate’s scaling technique whereas assembly the fabric specs and reliability ranges prospects demand.”
He added that the $82 million raised “underscores the arrogance buyers have in 6K, the UniMelt platform, and the management staff.”
New funding and senior personnel adjustments at 6K
In line with Ullal, the brand new funding will enable 6K to realize full manufacturing for its Inflation Discount Act (IRA)-compliant lithium-ion battery CAM supplies.
These shall be produced on the firm’s PlusCAM battery materials plant, at the moment beneath building in Jackson, TN, utilizing the corporate’s proprietary UniMelt microwave plasma expertise.
The PlusCAM facility will reportedly be the world’s first plasma cathode plant, offering low-cost and sustainable manufacturing of battery materials. Designed to localize battery provide chains inside the US, the plant is about to be the primary in a sequence of multi-chemistry manufacturing websites operated by 6K.
The brand new manufacturing crops will add to 6K Power’s current Battery Heart of Excellence, a 33,000 sq ft facility working to develop the following technology of sustainable battery manufacturing.
The Heart can produce as much as one tonne of CAM per thirty days to help a number of buyer {qualifications}. Moreover, it develops vitality density and single-crystal cathode, solid-state electrolyte supplies, and Silicon Anode supplies.
6K claims that its new board members will carry a “wealth of real-world experience” to assist the agency develop its manufacturing capabilities.
Bolzenius possesses over 30 years of expertise in management roles throughout the automotive business in Germany, the USA, Mexico, South Africa, China, and Japan. Right here he has reportedly developed sturdy expertise in engineering, manufacturing, logistics, and provide chain administration.
Notably, Bolzenius beforehand served as CEO of Japanese automotive producer Marelli. He has additionally held management positions at main firms comparable to Bosch and Johnson Controls. 6K believes he’ll carry “invaluable company and operational experience and automotive business insights to his function on the board.”
Chamberlain is the present CEO of Volta Power Applied sciences, a enterprise capital agency launched out of Argonne Nationwide Laboratory. He possesses expertise in product R&D and success in vitality, built-in circuits, and water remedy expertise.
What’s extra, Chamberlain led a collaboration with the US Division of Power to efficiently switch superior battery expertise from Argonne to a number of main organizations. These included LG Chem, BASF, Common Motors, Toda Kogyo, and Common Electrical. 6K believes Chamberlain “will carry a singular and various perspective to the corporate.”
Funding fuels additive manufacturing scalability
6K is the most recent firm to lift funds in help of its scaling efforts.
Earlier this 12 months, Canadian 3D printing powder developer Equispheres secured an preliminary shut on its Sequence B financing spherical, elevating roughly CAD 20 million. The corporate hopes that this capital will enable it to realize its aim of constructing metallic powders “the biggest a part of the worth chain.”
Steel 3D printer producer Mantle not too long ago raised $20 million in a Sequence C funding spherical, bringing its whole funding to over $61.5 million. Equispheres is working to extend its share of the aluminum casting market, which has an annual valuation of roughly $100 billion.
Mantle will use this capital to help its fast market enlargement, scaling manufacturing to satisfy rising market demand and growing new capabilities and supplies.
The Sequence C spherical was led by Boston-based personal funding agency Schooner Capital and included participation from current buyers 11.2 Capital, Construct Collective, Corazon Capital, Nice Construction Ventures, and Basis Capital.
Elsewhere, German additive manufacturing expertise firm Quantica introduced a rise in its Sequence A funding, bringing the full to €19.7 million. This was headed by British personal fairness and enterprise capital agency West Hill Capital. The brand new funding shall be leveraged to develop the attain of the corporate’s two flagship ultra-high viscosity 3D printers, the NovoJet OPEN and the NovoJet JetPack.
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Featured picture exhibits 6K’s Battery Heart of Excellence in North Andover, MA. Picture through 6K.
