US-based tech company Ultion Technologies secures Series A funding, aimed at expanding domestic battery manufacturing capabilities in the United States.
Ultion Technologies, a leading U.S.-based manufacturer of advanced Lithium-Iron-Phosphate (LFP) battery cell technology and energy storage systems, has announced the successful completion of a Series A funding round. The investment, led by Torus and the Battle Born Venture program, aims to scale Ultion’s domestic production capacity more than fivefold [1][2][3].
Based in Nevada, Ultion is the only fully integrated U.S. manufacturer producing LFP battery cells at commercial scale, shipping products across various sectors including grid storage, medical, industrial, defense, and aerospace markets [1][2]. The company's expertise stems from over two decades of experience and its leadership by CEO Dr. Johnnie Stoker, who has previously established lithium battery factories worldwide.
Ultion's future plans focus on dramatically expanding U.S. battery manufacturing capacity to reduce reliance on foreign imports, with over 70% of global battery production and 90% of processing currently taking place in Asia. By establishing itself as a leading vertically integrated American battery manufacturer, Ultion aims to enhance supply chain resilience, create high-quality American manufacturing jobs, and capture market opportunities in domestic and renewable energy storage sectors [1].
This expansion aligns with Wood Mackenzie's projections, estimating over $1.2 trillion in global battery energy storage investments by 2034 to support renewable energy growth [4]. Ultion aims to ensure a share of this growth benefits the U.S. economy by demonstrating that American-made batteries can compete on cost and performance. As Dr. Stoker, the CEO of Ultion Technologies, states, every imported battery is a missed opportunity for American jobs and energy security [1].
Torus, as an investor and customer, understands the risks of depending on overseas battery suppliers. Co-founder and CEO of Torus, Nate Walkingshaw, views Ultion’s domestically produced batteries as providing unmatched reliability, shorter lead times, and the ability to innovate without international supply chain delays [1]. The investment from Torus and the Battle Born Venture program further validates Ultion Technologies' position as a key player in America's energy storage market.
In conclusion, Ultion Technologies is scaling up its Nevada-based LFP battery production following its Series A funding, aiming to build a robust domestic battery manufacturing ecosystem to meet rising U.S. demand for reliable, American-made battery storage solutions [1][2][3][4]. This commitment to American manufacturing from both investors and customers indicates a strong commitment to the development of a vertically integrated battery manufacturing ecosystem in the U.S. through Ultion Technologies' proven technology and commitment to American manufacturing.
References: [1] Ultion Technologies. (2023). Ultion Technologies Secures Series A Funding to Expand Domestic Lithium-Iron-Phosphate (LFP) Battery Production. Retrieved from https://ultiontech.com/news/ultion-technologies-secures-series-a-funding-to-expand-domestic-lithium-iron-phosphate-lfp-battery-production [2] Battle Born Venture. (2023). Ultion Technologies Raises $100 Million in Series A Funding to Scale Domestic Lithium-Iron-Phosphate (LFP) Battery Production. Retrieved from https://battlebornventure.com/ultion-technologies-raises-100-million-in-series-a-funding-to-scale-domestic-lithium-iron-phosphate-lfp-battery-production [3] Torus. (2023). Torus Invests in Ultion Technologies to Support Domestic Lithium-Iron-Phosphate (LFP) Battery Production. Retrieved from https://torus.com/news/torus-invests-in-ultion-technologies-to-support-domestic-lithium-iron-phosphate-lfp-battery-production [4] Wood Mackenzie. (2022). Global Battery Energy Storage Investment Outlook to 2034. Retrieved from https://www.woodmac.com/research/power-and-renewables/global-battery-energy-storage-investment-outlook-to-2034/report-card/1315225-global-battery-energy-storage-investment-outlook-to-2034
- Ultion Technologies, with their Series A funding, plans to invest in the domestic business of producing Lithium-Iron-Phosphate (LFP) batteries on a larger scale, aiming to establish themselves as key players in the American investing and technology sectors.
- The enhanced production capacity of Ultion Technologies' LFP batteries is anticipated to have significant impacts on various sectors such as grid storage, medical, industrial, defense, aerospace, and renewable energy storage, all while creating high-quality American jobs and promoting technology advancement in the field of American finance.
