Coreshell Raises $24M To Commercialize the Lowest-Cost and Domestically-Sourced Lithium-Ion Battery Anode

 Strategic Funding Round to Scale Cell Production and Deliver Next-Generation EV Batteries to Global Automakers in 2025

SAN LEANDRO, Calif., March 18, 2025 /PRNewswire/ -- Battery technology company Coreshell today announced $24M in strategic funding aimed at scaling production of its 60 Ah battery cells made with 100% domestically-sourced metallurgical silicon (MG-Si). The round was anchored by Coreshell's strategic partner Ferroglobe PLC (NASDAQ: GSM) - a global leader in the production of Silicon and Ferroalloys, and Zeon Ventures. Additional financial and returning investors include Lane Ventures, Entrada Ventures, Foothill Ventures, Helios Climate Ventures, Translink Investment, Trousdale Ventures, and Asymmetry Ventures.

This funding will go towards scaling Coreshell's production at its newly-built 4 MWh manufacturing facility in San Leandro, California, with plans for a separate 100 MWh facility currently in site selection and design. As a result of this production scale-up, the company is now positioned to meet growing demand and will begin delivering commercial samples of its 60 Ah battery cells to global automakers in 2025.

"This strategic funding round is a critical step in scaling production and delivering commercial samples to leading automakers who have already tested the low-cost metallurgical silicon anodes in our cells with promising results and are eager to receive commercial-scale cells for further validation," said Jonathan Tan, CEO of Coreshell. "As the global EV industry reaches an inflection point, automakers recognize that alongside range, supply chain resilience - driven by reliance on foreign countries for graphite production - and cost reduction are key to overcoming adoption barriers. Coreshell is addressing these challenges by replacing graphite with domestically sourced metallurgical silicon, reducing costs, strengthening the supply chain, and improving sustainability."

Expanding to Meet Market Demand

Funding will accelerate Coreshell's efforts to meet the growing demand for its silicon-based batteries and will also be used to expand the company's executive and R&D teams to refine the production processes for its battery cells, which are made using standard equipment from South Korea's TopMaterial. This enables Coreshell to rapidly scale its manufacturing capabilities without the need for specialized infrastructure, making it poised for rapid industry adoption.

A Strong Strategic Partnership

As Coreshell's key materials partner, Ferroglobe provides the micrometric silicon essential for this breakthrough battery technology.

"Based on extensive validation by our team and rigorous lab testing, we believe Coreshell's battery technology shows the most promise to fast-track the EV industry in reducing cost and tackling supply chain issues," said Benoist Ollivier, Chief Technology & Innovation Officer of Ferroglobe. "Our strategic partnership and the excellent results from Coreshell's technology are the reasons why we've further invested in the company. This is a critical moment to scale a domestic supply chain and drive success in the market."

A Breakthrough in Battery Technology

Until now, no other battery company has been able to effectively unlock the power of metallurgical silicon. Coreshell has revolutionized the entire cell design by creating battery chemistries made with earth abundant materials adding 30+% more range while decreasing cost by up to 25%. This was done by harnessing the power of silicon anodes using simple, unrefined metallurgical silicon that is half the cost of graphite. 

The test data of Coreshell's battery cells will be unveiled at the 2025 International Battery Seminar in March. A few key takeaways include:

• Energy Density: With 80 percent silicon anode, the cells provided 30-40% higher energy density than graphite-based cells, offering a longer driving range with a smaller and lighter-weight battery.
• Cycles: Prototype cells achieved over 475 cycles with greater than 90% of its original capacity and continue to cycle. Serial production cells are expected to exceed 1000 cycles to 80% of original capacity.
• Charging Rate: The battery consistently charged from 10 - 80 percent in under 15 minutes for hundreds of repeated cycles, delivering great fast-charging performance.
• Safety: Unlike many other silicon technologies, Coreshell's silicon anode batteries proved to be just as reliable and safe as traditional graphite-based batteries, but with significantly higher energy density.

About Coreshell

Coreshell provides the lowest cost, high performance silicon anodes on Earth. Coreshell's proprietary technology unlocks the performance of metallurgical silicon, which has ten times the capacity than current battery anodes at significantly lower costs. Headquartered in California, Coreshell partners include the leading global producer of high-purity metallurgical silicon, battery manufacturers, and auto OEMs committed to the transition to clean energy.

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Nadia Jamshidi
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SOURCE Coreshell Technologies