From 2020 to 2021, electric vehicle sales grew 85 percent and with the rise in demand, comes the need for lithium-ion batteries that keep EVs running. 6K, a local nanotechnology startup is working to meet that demand with $102 million in fresh funding led by Koch Strategic Platforms.
The Series D round, announced on Thursday, is the first of two funding closes. When the second round closes, 6K expects total funding for the Series D to reach over $150 million, according to a company statement.
6K’s energy division produces sustainable battery materials which, according to the company, helps accelerate the pace of battery production and adoption of EVs. Additionally, 6K’s plasma technology system produces materials used in manufacturing for the renewable energy, aerospace and consumer electronic sectors.
“Lithium-ion battery markets will increase tenfold in the next decade, fueled by growth in EVs as well as supporting critical infrastructure for telecom back-up, data centers and power plants. The fact that there is no lithium-ion battery material production on U.S. soil is a concern for both national security and for the industries that are relying on these critical materials,” Aaron Bent, CEO of 6K, said in a statement. “6K is the only company capable of battery material production at costs lower than [in] Asia, while also reducing impact on the environment by 70 to 90 percent.”
6K plans to use its fresh funds to expand its product offerings and hire. A 6K company representative told Built In over email that they plan to bring on an additional 50 employees to its current 140-person team.
