Sion Power receives $50 million for rechargeable vehicle batteries
Sion Power Corp., a closely held maker of rechargeable lithium-sulfur batteries in the US, has received a $50 million equity investment, according to a report from Bloomberg New Energy Finance.
The Tucson, Arizona-based company disclosed the financing Thursday in a filing that listed a single investor without providing a name, Bloomberg said.
Sion makes batteries for electric vehicles and portable power applications and is working with BASF SE and the U.S. Department of Energy’s Lawrence Berkeley National Lab to develop car batteries with a range of more than 300 miles.
That research is being funded by a three-year, $5 million grant awarded in April 2010.
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