MADISON, Wis.--(BUSINESS WIRE)--Silatronix, a leader in development of unique organosilicon (OS) materials for use in lithium-ion batteries (LiBs), is pleased to report that it has raised US$8m in new equity capital, and secured partnerships for distribution and joint technological development. These funds and partnerships will allow Silatronix to capitalize on the commercial value of its portfolio of OS materials in the high growth LiB market.
The capital comes from the Company’s existing investors and two strategic partners in Japan with strong business interests in the LiB market, Hitachi Chemical Co., Ltd. and Inabata & Co Ltd. Inabata will serve as Silatronix’s exclusive distributor to key LiB customers across Asia, and Silatronix and Hitachi Chemical will jointly evaluate the potential performance benefits of several OS additive materials with Hitachi Chemical’s LiB products, especially anode materials.
Silatronix has introduced its first commercial product, OS3, an advanced functional solvent that provides multiple benefits to LiB performance at additive levels. In LiB electrolytes, OS3 inhibits breakdown of LiPF6, is thermally and electrochemically stable, and has minimal side effects on battery performance. The Company is making significant progress with multiple customers, many based in Asia, that cover a range of LiB applications, including consumer electronics, industrial products, automotive, and military. As part of its operational scale up to commercialize OS3, Silatronix is currently formalizing relationships with strategic suppliers, expanding facilities in its Madison, Wisconsin operation, working with Inabata to increase market presence, and hiring key operating personnel.
BDA Partners is acting as exclusive financial advisor to Silatronix.
Mark Zager, CEO, commented, “The path to large scale commercialization at Silatronix is increasingly visible. We are helping the market develop batteries with improved safety, performance, and stability. The Silatronix management team and employees are invigorated by our recent developments. We’re increasingly optimistic about the prospects for Silatronix in the coming years.”
David Dorheim, Chairman of the Board, said, “We are pleased to have made substantial progress on numerous business fronts. Our equity capital raise met with strong demand, and was well received by the market and our existing shareholder base.”
About Silatronix:
Silatronix is commercializing a new class of patented materials based on organosilicon (OS) compounds for use in energy storage devices, especially electrolytes for lithiumion batteries (LiBs). OS compounds are environmentally friendly, non-flammable, high temperature materials suited for use as electrolytes, binders, and coatings in energy storage devices. In Li-ion batteries, these materials can enhance thermal stability and safety, enable use of high energy density anodes and high voltage cathodes, and be cost effectively produced using existing manufacturing processes for silicone polymers. For more information contact Mark Zager, (mzager@silatronix.com) 608-318-3109 or see www.silatronix.com.
