From Dealroom · · 50s
Holyvolt Raises $45M to Challenge China's Battery Dominance
Holyvolt, a Swedish battery startup, secured $45 million to develop non-Chinese battery materials.
In brief
Holyvolt, a Swedish battery startup, secured $45 million to develop non-Chinese battery materials. Holyvolt raised $45 million to create battery chemistries outside China's control, aiming to reduce reliance on Chinese battery materials. Originally reported by Dealroom.
Quick answers
- What's the deal?
- Holyvolt, a Stockholm-based battery-materials startup, raised $45 million in an early-stage equity round to develop battery chemistries that China does not control.
- Who's behind it?
- Chief operating officer Steven Prast was a former Tesla manufacturing leader; founder and CEO Mathias Ingvarsson previously drove Tempur-Pedic's international expansion.
- What's the endgame?
- Holyvolt aims to invent better materials and processes in the West, arguing lithium-ion technology is at best 20% through its maturity curve.
- Why now?
- China produces 85% of the world's cathode active material and 80% of battery cells, dominating the market with nmc and lfp chemistries.
- What is the key takeaway from Holyvolt Raises $45M to Challenge China's Battery Dominance?
- Holyvolt raised $45 million to create battery chemistries outside China's control, aiming to reduce reliance on Chinese battery materials.
What's the deal?
Holyvolt, a Stockholm-based battery-materials startup, raised $45 million in an early-stage equity round to develop battery chemistries that China does not control.
Who's behind it?
Chief operating officer Steven Prast was a former Tesla manufacturing leader; founder and CEO Mathias Ingvarsson previously drove Tempur-Pedic's international expansion.
What's the endgame?
Holyvolt aims to invent better materials and processes in the West, arguing lithium-ion technology is at best 20% through its maturity curve.
“invent better materials and processes and make them in the west”
Why now?
China produces 85% of the world's cathode active material and 80% of battery cells, dominating the market with nmc and lfp chemistries.
The takeaway
Holyvolt raised $45 million to create battery chemistries outside China's control, aiming to reduce reliance on Chinese battery materials.
