BELTSVILLE, Md.–(BUSINESS WIRE)–Ion Storage Systems (ION) announced the initial closing of its $30 million Series A fundraising round led by Clear Creek Investments, VoLo Earth Ventures, and Alsop Louie Partners. This Series A round builds on the $8 million seed funding round that Alsop Louie Partners led with participation from VoLo Earth Ventures. The Series A round is expected to close by the end of Q1 2022.

The investment will enable ION to commission and qualify a battery cell manufacturing line at its Beltsville, MD headquarters capable of producing 10MWh/yr of its safe, energy dense and versatile solid state batteries. Production will initially be allocated to qualifying commercial cells for its Aerospace and Defense customers, generating revenue by the end of 2023. The Series A round will also accelerate the development projects ION has signed with multiple electric vehicle manufacturers, defense contractors, and consumer electronics companies. As part of the financing, Todd Crescenzo, Founder and Managing Partner at Clear Creek Investments, and Joseph Goodman, PhD, Co-Founder and Managing Partner at VoLo Earth Ventures will join ION’s board of directors.

“We are excited to begin commercial production of our transformative technology and getting it into the hands of our customers. ION’s battery performance and safety far exceed what traditional Lithium Ion can offer and will become the benchmark for battery design for decades to come,” said Ricky Hanna, ION’s CEO. “Our team continues to work hard to bring our technology to market and make us the first commercial solid state battery company to generate commercial revenue.”

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