Startup Adden Energy, founded by scientists at Harvard University, is developing a new type of solid-state battery for electric vehicles and has announced that it has licensed the technology and completed a $5.15 million seed funding round.
According to Adden Energy, the proprietary lithium metal battery provides a charge time of just three minutes in the lab and a lifespan of over 10,000 cycles. The prototype also has a high energy density and material stability, "which solves the safety problems of some other lithium batteries."
In other news, the startup announces it has received an exclusive technology license from Harvard University's Office of Technology Development (OTD) to scale solid-state battery technology. In addition, US$5 million was raised in the seed funding round. The round was led by Primavera Capital Group. Rhapsody Venture Partners and MassVentures also took part. According to the statement, the license and venture funding will allow the startup to scale up the lab prototype to the commercial use of a solid-state lithium metal battery.
So the startup plans to first scale the battery into a palm-sized pocket cell and then turn it into a full-fledged car battery over the next three to five years.