Sila, a startup producing next-generation battery materials, on Tuesday announced $300 million in new funding.
The company previously raised $1.3 billion and was valued at close to $2 billion two years ago, according to PitchBook. It has 400 employees.
The California-based startup has developed a silicon-carbon material that replaces graphite traditionally used in the anodes of lithium-ion batteries, delivering better performance and significantly higher energy capacity.
Last fall, Sila opened its manufacturing facility in Moses Lake, Wash. — the first automotive-scale silicon-anode plant for both the company and the nation. It’s shipping sample anode material from the facility to a variety of customers.
The cash infusion will help fund a planned expansion of its Central Washington operations.
The current plant has a production capacity of about 2 gigawatt-hours of anode material, which, depending on its application, could supply 20,000 to 50,000 EVs. The expanded facility could increase that volume by more than 100-fold.
“This funding allows us to further scale our operations and deliver on the promise of American innovation,” said Gene Berdichevsky, co-founder and CEO, in a statement.
EV sales cooled in the U.S. after President Trump returned to office and federal support for battery-powered cars waned. But new models are still entering the market, and high-performance anode materials have applications in consumer devices, as well as in stationary battery installations that can support the electric grid and data center operations.
Moses Lake is also home to Group14, which is producing its own version of a silicon anode material. The Washington-based competitor to Sila has put its U.S. manufacturing on pause as it focuses on its South Korean plant, which is delivering commercial-scale volumes of material for customer performance testing.
Sila’s round was led by Atreides Management and Sutter Hill Ventures. It was joined by 8VC, Bessemer Venture Partners, Matrix Partners, funds and accounts advised by T. Rowe Price Associates, and other existing and new investors.
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