# Holyvolt Raises $45M to Challenge China's Battery Dominance

> Holyvolt, a Swedish battery startup, secured $45 million to develop non-Chinese battery materials.
- Title: Holyvolt Raises $45M to Challenge China's Battery Dominance
- Summary: Holyvolt, a Swedish battery startup, secured $45 million to develop non-Chinese battery materials. Holyvolt raised $45 million to create battery chemistries…
- Keywords: holyvolt, tesla, chinese battery materials, battery chemistries, swedish startup, early-stage funding, lithium-ion batteries, cathode materials, startups, business, Raises, 45M
- Source: Dealroom — https://dealroom.co/news/162990-ex-tesla-execs-holyvolt-raises-45m-to-break-chinas-battery-grip
- Published: 2026-10-15T19:38:18+00:00
- Read time: 1 min
- Topics: holyvolt, tesla, chinese battery materials, battery chemistries, swedish startup, early-stage funding, lithium-ion batteries, cathode materials, startups, business
## 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.
## Key takeaway

Holyvolt raised $45 million to create battery chemistries outside China's control, aiming to reduce reliance on Chinese battery materials.