California-based battery materials firm Sila has secured $375 million in a Series G financing round led by existing investors Sutter Hill Ventures and T. Rowe Price Associates. The funds will finalize construction of its new plant in Moses Lake, Washington, slated for completion in Q1 2025.
Production of its high-silicon content anode material, ‘Titan Silicon', aimed at enhancing lithium-ion cell efficiency, is set to begin deliveries to automotive giants Mercedes-Benz and Panasonic by Q4 2025.
Sila CEO Gene Berdichevsky emphasized the industry's shift towards electric vehicles (EVs), stating, “Every automaker knows the future must be electric and realizes that the path to broader adoption isn't through cost reduction alone.” The company expects ‘Titan Silicon' to offer up to 20-25% higher energy density than current graphite cells, with future iterations promising a 40% improvement, faster charging times, and reduced battery costs.
Investor confidence remains high, with T. Rowe Price's Joseph Fath noting, “With its disciplined focus on manufacturing and quality, we believe Sila has the persistence and durability to meet future global demand and be a market leader for the long haul.”
The expansion in Moses Lake is poised to bolster Sila's capacity, potentially supplying material for up to one million cars annually in the near future.
