Wildcat Discovery Tech secures $90 million in funding for EV battery commercialization
Wildcat Discovery Technologies (Wildcat) has announced that it has raised $90 million in a Series D funding round led by Koch Strategic Platforms (KSP), an investment subsidiary of Koch Industries. Other significant investments come from Eastman Kodak (Kodak) and Fifth Wall Climate.
Wildcat is developing multiple innovative technologies, all key to formulating a breakthrough EV "supercell". The EV "supercell" is envisioned as a transformational battery cell combining three Wildcat proprietary technologies currently in development, including cobalt and nickel-free high-energy cathode, a composite solid-state electrolyte, and a lithium metal anode.
This next-generation battery cell targets a great>90 percent improvement in energy density over today's best batteries, which could further accelerate the widespread adoption of EVs. Additionally, the innovative components are all being developed with conflict-free materials — reducing the supply chain's dependence on both nickel and cobalt.
The funding round will be used to support the rapid development and commercialization of the battery cell, including added staff, research capacity, and significant scale-up capabilities to have the "supercell" ready for commercialization in two years.
Wildcat has also entered a development agreement with Kodak to develop and scale substrate coating technologies, critical for the safety and reliability of the next generation of EV battery technology.
"The next generation of EV batteries requires innovation, resources, and unique capabilities that we are delivering with an impressive consortium of leading investors and partners. Koch and Fifth Wall Climate contribute significant financial resources and sophistication. At the same time, Eastman Kodak brings industry-leading technical and scale-up expertise to the consortium" said Mark Gresser, CEO at Wildcat.
"Coupled with Wildcat's unique high throughput research capabilities, we have all the ingredients necessary to quickly bring these breakthrough products to market."
"This is Koch's second investment in Wildcat and part of nearly $1.9 billion in energy transformation investments we've made in the past 2 years," said Jeremy Bezdek, Managing Director of Koch Strategic Platforms.
"Wildcat is a visionary company, focusing on transformative solutions to the issues limiting the lithium-ion battery market."