Sila Nano receives a new round of investment, appoints a former Tesla battery executive as a VP

7 November 2019, 07:05:49

Sila Nano receives a new round of investment, appoints a former Tesla battery executive as a VPSila Nanotechnologies has announced that Kurt Kelty, former Tesla director of battery technology, will serve as Sila Nano's vice president of automotive. Mr Kelty is an expert in battery materials and manufacturing and is known to have played a key role in building relationships between battery manufacturers such as Tesla and Panasonic. In addition, Bill Mulligan, former SunPower executive vice president of global operations, will become Alameda-based Sila Nano’s first chief operating officer.

Sila Nanotechnologies has also attracted $45 million in additional funding that comes from the Canadian Pension Fund. Eight months ago, Sila Nano received $170 million Series E funding round and named former General Electric CEO Jeff Immelt to its board of directors. Thus the cumulative funds raise becomes $340 million. This funding is expected to bring the first batteries powered by Sila Nano to market.

Sila Technologies produces silicon-based anode materials, not graphite ones. This material is lighters and allows for 20% more energy to be stored in the battery compared to a general graphite anode material. The company will aim to increase that to 40%.

"Bill and Kurt bring critical expertise in the automotive and energy manufacturing sectors and will further propel Sila Nan's growth and momentum," Berdichevsky said in a statement. "We're rounding out our leadership team as we accelerate our path to smarter, longer-lasting portable electronics and lower-cost, longer-range electric vehicles."

"As part of Sila Nano's advisory board, I’ve seen the results of the breakthrough battery chemistry firsthand and I could not pass up the opportunity to take it a step further and lead the company’s automotive partnership efforts," Kelty said in a statement.

"In my experience, the most successful and inspiring companies are solving the most technically challenging problems, just beyond the edge of what people believe is solvable," Bill Mulligan said in a statement.

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