Lina Energy Secures £3.5M Funding To Take Significant Stride In Scaling Journey.
LiNa Energy is delighted to announce it has secured investment to further support scaling of the company. Jacob Wolff-Petersen led the round, which comprises £2.7m of equity and £815k grant from the Future Enterprise Investor Partnership administered by Innovate UK. The funding will enable the building of an automated solid-state electrolyte manufacturing line at the company’s first pilot-scale production facility. In addition to the successful standalone fundraise, LiNa also secured advanced commitment for future funding.
LiNa Energy has developed low-cost solid state sodium batteries, with a focus on meeting the growing need for longer durations of stationary energy storage beyond four hours. LiNa’s sodium batteries are manufactured from abundant raw materials such as food-grade salt and iron, delivering disruptive cost advantages and enabling widespread adoption, even in emerging markets where solar markets rely on storage for on-demand power.
The investment marks a significant milestone in LiNa’s journey, as it progresses commercialisation of its technology. This year, LiNa commenced a 10 kWhr pilot with a strategic Indian partner, connecting a distribution scale Sodium BESS to the Indian grid, and has a growing portfolio of projects around the world with commercial-scale demonstrations planned throughout 2024 and beyond.
🔥 What about we co-host a webinar? Let's educate, captivate, and convert the battery economy!
Batteries News is the global go-to online magazine for the battery industry, we can help you host impactful webinars that become a global reference on your topic and are an evergreen source of leads. Click here to request more details
Significantly, this move to automated manufacturing will not just service growing market demand, but enable LiNa to successfully deliver on a core element of its strategy, to deliver a high performance yet low cost alternative to lithium-ion. Over the next eighteen months, LiNa will be able to demonstrate the ultra low cost of their proprietary solid-state sodium batteries through this new approach to manufacturing.
Will Tope, CEO, LiNa Energy said:
Over the past 12 months we have seen surging demand for longer duration storage systems and alternatives to lithium-ion, and this is only going to increase further.
“With our first system deployed in India, this recent funding and the welcome support of Innovate UK allows us to scale to automated manufacturing and keep up with our exciting slate of projects in India, Europe, and the Middle East.”
READ the latest Batteries News shaping the battery market
Lina Energy Secures £3.5M Funding To Take Significant Stride In Scaling Journey. source
